., Delinquent Tax Collector of and for the County and State of aforesaid, in consideration of the premises, and the sum of $xx.xx paid by the said grantee(s), James Doe have granted, bargained, sold and released, and by these present do grant, bargain, sell and release unto the said grantee(s) James Doe and his heirs and assigns. “”

Step #PhaseStep1DiscoveryTalk to experts and learn (process, tips, design tips)2DiscoveryCreate social media and document story3DiscoveryGeneral research - budget considerations, financing options, permits, regulations, tax considerations4DiscoveryMarket research - competitor analysis, analyze guest reviews, market trends5DiscoveryGather ideas/inspo (blogs, articles, youtube)6DefineCreate brand and vision7DefineCreate guest requirements (e.g. coffee maker, natural light, near activities, etc.) and prioritize must have, nice to have, etc.8DefineSketch idea for look and feel (architecture and design) - map out the floor layout9DefineConsult an architect (is this needed?)

If you do decide to raise the rents considerably I would suggest staggering it so that you hopefully only end up with one vacancy/renovation at a time.

Know that there is still robust demand for Austin housing and that prices are still considerably higher than just a few years ago.

This methodology does not take in consideration the demographics of people who live there, nor crime rates for the area.

Given that we’d be buying from relatives, we would aim to avoid paying agents as part of the transaction.Some countervailing considerations.

The federal government does have the authority to regulate things that affect interstate commerce (which is just about everything) so long as proportionality and other considerations are observed.A famous case proving the point is the Heart O' Atlanta Motel (Hotel?)

I'd ask a different lawyer what my options were and if there is any consideration I might receive from "adverse possession". 

WikipediaLow crime rate: Never invest in any city on Mapped: The Most Dangerous Cities in the U.S. list.Low operating costs:Property taxes: State Property Tax Rates - Rocket Mortgage.State average insurance cost: Insurance - ValuePenguinIf you follow this process, you will have a short list of cities for further investigation.An Additional ConsiderationOne additional consideration is an experienced investment team.

I have other considerations like quality of the house at purchase, neighborhood, renting room specifics etc.