Personally, I know a couple guys who do it, and they sometimes they turn properties incredibly fast, but on some deals they hardly make any money.

I think @Nathan G. is right -- there's a limit to how long these things will last as interior design staples, but they're just still incredibly convenient for C-class rentals like mine.

He was incredibly helpful and provided a ton of valuable insight.

Buy and hold is an incredibly powerful strategy.Wishing you the best,Sam

What are some of the less conventional techniques to source deals in very hot markets like Austin?

A couple of techniques you might want to try:- Where an entire building, or even part of a building that size, is just listed for lease and it fits your criteria, you can send the owner an unsolicited interest letter to gauge whether they are interested in selling the building instead. 

The basement had an incredible amount of garbage, piles 9 feet high and had only two narrow paths.So we had the contract and what remains to be resolved?

Incredibly bullish on DFW, no bias :) 

They are incredible. 9 times out of 10 my instincts are correct but this one broke the mold.

These are not hands off options but can produce incredible returns (as of this month all our properties have had all our investment extracted and are producing infinite return).