While sitting on the sidelines as prices increased by double digit percentages this year, I decided to get my (financial) house in order, so when an opportunity came my way I was ready.

According to the National Association of Realtors, median listing prices grew at 15.2 percent over last year, marking 39 consecutive weeks of double-digit price growth.

The northern half of this zip code is seeing double-digit property value increases.

Your mortgage payment won't change unless you are in an ARM. 

In keeping with dating before marriage, rent for >12 mo no late payments, full doc ATR fullfillment, get a BPO to peg price, I have financed a few deals and take installnent sale tax treatment, and use a servicer for arms length accounting of payments and sending of the 1098.   

This results in a taxable liquidation and event and also would likely take too long- Sell the parcel at arm's length to a third-party buyer.

(this may be the case, but based on your post, it's unclear.)3) This is not an "arm's length" transaction and will be under further scrutiny of the IRS. 

A digital one perhaps?

@S Harper is the meter a digital one or an old school rotating dial?

"Homework"; -Define financial objectives/goals that are numbers based - Gather realistic personal financial information and what you think you can afford and cross reference with goals as well as an expanded search of various markets both outside of Austin and out of state to research availability - pinpoint locations in state/out of state (Education phase)- meet with lenders, either commercial or otherwise to see what you indeed qualify for once you've narrowed down property types and locations (Education phase)  - Start interviewing PM's if you're looking outside of your current investing area and will not serve as your own PM (Education phase)- Get with an agent in your desired area and for your desired property type and start looking at deals (Shopping phase) - submit offers/LOI  armed with your information from Education phase & Shopping phase (Transaction phase)This is the breakdown that can be helpful as an outlined plan of action/phases for some of the out of state investors clients I have, but should work for you to start with in TX as well.