I'm open to invest in cities other than Austin and I operate another business, which is not RE related, out of Houston. 

I was operating on the assumption that dying anytime soon was not a part of the plan.

I was told that I needed to register my company with the states I will be doing business as a foreign entity in order to be able to operate in the states I do business in.

Using those numbers I arrive at an operating expense of $15,480.

Using those numbers I arrive at an operating expense of $15,480.

Do your best to separate your operating expenses in schedule E, but technically all those expenses you are increasing your basis by should be sepreciated over their useful lives.

I work full time as a Operations Manager and a semester away from college graduation, so I'm pretty busy and from what I read investing in real estate becomes a full-time job.Any advise would help, should I search for "multi-families" or "flips"?  

I'd be happy to discuss with you about my fund anytime, though I will say that we typically don't invest in one-off deals, but rather whole operating companies that have reached critical mass.  

Any advice on the following would be a huge help: - Fee Structure (Residential structure is 1 month rent for leasing, 8% management and $300 renewal - Operational items that may be different from residential.- Legal, risk management issues that may be different from residential.Thanks in advance for your help!!!

I chose Birmingham primarily through the turnkey operator I use.