Beyond this specific transaction, I'd also love to connect with experts and advisors who are willing to share their advice and guidance with a relative newb, who's beyond excited about active real-estate investment!  

Active duty in San Diego here.

@Pundari Pothini, I know that you said passive opportunities do not suit your style (I'm assuming you mean syndications), but have you explored the option of joining a syndicator with a more active role?

When we originally purchased the property it is was not in the best of shape, but we cleaned house and we are actively renovating and beautifying the property.3.

@Elijah FastYour lender and possible your insurer will require a Phase 1 assessment .... this is predominately a visual inspection and paper exercise (costing anywhere from $750 - $2500) with the objective of discovering any potential contamination of the property (or demonstrating that there is none).An abandoned underground storage tank (UST) is something which should be disclosed by the vendor (it appears that it has been in this instance), but it is an example of the sorts of things a Phase 1 ESA looks to discover.Depending on the results of the Phase 1, you may very well be requested to continue with a Phase II ESA.Having a Phase 1 lets you know what you are walking into ... which is why lenders want them.  

Not sure I agree with the Elk Grove and Oak Park assessment.

And, some areas of Pflugerville have a lot of competition, so make sure you compare your asking rent price to similar homes that have already rented...not only to homes that are actively competing with yours. 

It's a little confusing, so make sure you step through it carefully to assess your own tax requirements.

I studied SLO & lease option assessments and even hired a mentor for that before. 

When you say "look at Zillow for an idea on property values in the neighborhood" do you mean you're looking at sold properties, active properties, or the Zillow Zestimate?