Therefore, we don't have the same mechanisms for property protection as in the USA, but we have mechanisms that will achieve the same results.

And IMHO, currently in Austin you can't cash flow on a long-term SFH rental without putting 30-40% down payment (or finding properties well under FMV, that even after rehab will still be 20% under ARV, plus what you have to leave as DP for the mortgage, again an effective 30-40% DP - and if you are not able to find them and BRRRR, and have to pay that 30-40%, your cash on cash ROI will be under 2% similar with just leaving the money risk free in a saving account).Here is what I account as expenses for a correct calculation of cash flow:1) Mortgage2) Mortgage insurance (PMI or MIP) or FHA Risk base3) Property Taxes4) City Taxes5) HOA (Home Owner’s Association) Dues and Fees and Assessments6) Insurance   a) Property Hazard Insurance (0.3-0.45%)   b) Flood Insurance   c) Earthquake Insurance   d) Umbrella Insurance7) Vacancy Rate (usually 8% - the equivalent to one month a year, or 5-6% if multifamily and/or if experienced, if not use 8%)8) Utilities (you’ll have these if your tenant is not covering them and/or during vacancy)   a) Water § Sewer § Garbage   b) Electricity   c) Natural Gas   d) Propane9) General Maintenance (usually 5%)   a) Upkeep § Landscaping   b) Snow removal   c) Repairs   d) New Appliances   e) Make ready10) Capital Expenditures (usually 5%, higher is the property is old and obsolete, less if fully rehabbed and all mechanicals and roof are new)11) Property Management (8%, even if you self manage, your time still has value and there might be a time when you'll want to be completely hands off or you'll not be able to do it, vacation, retirement, etc.), including...  

We'd like to add some value, maybe cosmetic rehabs, replace mechanicals or a roof, but nothing too major. 

Visited the property after purchase, took a quick look, got some contractors lined up to paint, do some mechanical work, lined up a realtor to list for rent, had him run the showings as a favor, had an attorney draft up a good lease, had that attorney and the realtor run credit checks, awarded a lease to one of the first applicants, got him in 30 days after we bought the place.

The main challenges I discovered was that this would then be considered a commercial project and required input from a specialized architect, as well as electrical, mechanical, and structural engineers and I was roughly quoted plans would cost over $80,000.

I have been working in medicine as a physician assistant in Internal Medicine with an emphasis in senior health care,  for over 20 years, I see patients in skilled nursing facilities and assisted living facilities every day.

We put a lot of emphasis on finding the right property manager as they are your eyes and ears on the property and can make or break profitability based on how well they manage it.Good luck!

If the ground will not perk, you might be able to excavate (for instance) 6 feet down and find pure sand or some other better soil.In Southern Nevada I've seen Caliche (if that's your problem) run in bands 6 to 8 feet deep and below that sand (but maybe your bands are 100 foot deep, who knows).Caliche can tear up mechanized equipment pretty bad, but I've seen people go through it with pick and shovel (and explosives) to install pools (but I've not seen it done for a septic field).Just my 2 cents.

Currently remodeled one unit and all mechanicals are updated.

You may also want to understand any outstanding maintenance items (mechanical systems, roofs, larger outdoor structures maintenance, etc).