There are a number of qualifications we look for in an applicant such as: Leadership or Managerial ExperienceHospitality/Food/Retail ExperienceInvolvement in the local communityCustomer Service ExperienceFinancial StabilityPassion for the brandProven track record of successBusiness SavvyTwo Partners**Please note Tim Hortons franchises only to individuals who will be hands-on operators, not to corporations or passive investors.

Just be careful about betting on appreciation; but, if the numers work regarding cash flow, I would definintely go for it. 

http://www.austinrenc.com/about-renc/ which itself has several special interest groups, including noteworthy Real Estate Launchpad There is also http://reicaustin.orgAlso check these out:Bigger Pockets meetings that occur every second Wednesday of the month at 10 am at Mercury Mambo, run by James Sinclair and Mike Walker Bigger Pockets MeetingsHarold McGhee and Esmeralda Lira head an Investor Mastermind meetings every Thursday at 11:30 am at Big Daddy's on Research and Burnet Real Estate Investor MastermindsYou will no doubt find numerous other groups once you start networking.Again, welcome to Austin.

I guess the 2% rule would be applicable here.  

We have numerous applicants, none of which are knights in shinning armor.

You mentioned numerous times that you like the property and since you plan on living it one of the units you have a lot more emotional involvement in this than you should.Figure out what kind of offer will make the numbers work for you. 

Since I can't offer any insight into the pros and cons of investing in those kinds of "2% rule" areas besides what's already been covered in numerous other threads, I won't try.

In addition to the expenses you mentioned, (mortgage, vacancy, repairs) consider:Property taxesRental income tax (if applicable in your area)Utility bills (unless tenant pays)Property management (unless you'll do it yourself)HOA fees Advertising (when vacant)Best of luck to you!

It might also have an application for a  land trust format that might be useful.What ever you do, run it by a lawyer.

Also verify that the address on the credit report line up with the address on their application.