The two of us will need to come up with a way to keep the property and the progress we made from getting vandalized.

But then, I start thinking; how much progress can I actually make from doing this?

I've also invested in Lancaster & Palmdale, and in your likely price range that may be your best bet ... you can get a single family home in a decent neighborhood or maybe even a duplex there for under $200k.

Michael, Your best bet is to partner with a builder and take a cut of the building portion.  

YMMV.I bet there are some other folks on here that are more active than me can give you some good ballparks on what contractors are bidding labor at.

@Karsen Wynn Even if you find a part-time job, they are going to want a two year history of you having part time employment in order to give you credit for that income.Your best bet is going to be to go through a Non-Prime/Portfolio style loan where they are approving you like they would a commercial property - based on cash flow and some other metrics that do not require you to have income.

I think if they lived here in the US you probably follows the rules like you said, it passes to you with a stepped up basis but if they died in another country all bets are off, I have no clue.  

Like many investors have said it is very hard to cash flow in Austin anymore and your best bet is to get your return from the appreciation.Just 90 miles south you have San Antonio.

Cool adventure bet the kids loved it.

We plan on acquiring smaller multi unit properties initially and as we progress rolling them into larger multi family properties.