However, I'm stuck on what I should do in the short term in order to achieve my goal.

If you'd like to own a single property to make some extra cash every month, then paying fully in cash is a straightforward way to achieve this.

There are certainly markets that get a lot of attention and ads and discussion here on BP, but there are many more markets out there where turnkey companies operate and passive investors can achieve their expectations.To assume that you can be ahead financially by doing things yourself rather than with a Turnkey company would also be an off assumption.  

Can you suggest the areas that could be potentially good areas to achieve the goal.

Are there any markets that achieve 1% price to rent ratio?  

Fast forward years later, I still want to do it and heard of bigger pockets, I feel from BP I can get the support/knowledge I need to succeed and achieve passive income.

We have been able to achieve our goals in real estate even faster than expected.

What is your associated "business plan" if you will for achieving it?

Typically there are only a few ways you can achieve cash flow in Austin:Buying cash flow with an increased down payment, but COC drops sharplyPerforming a major rehab and bringing rents up to market rateHolding the asset for several years while the market rents grow

Read Beginner’s Guide to help you get started: http://www.biggerpockets.com/real-estate-investingI hope BP helps you achieve your goals!