Compare the size and condition of the unit that sold three weeks ago (hopefully the photos are online from the MLS listing) to the unit you're looking at.If the unit from three weeks ago is fully-renovated, looks great and is nicer than the one you're looking at then factor that in. 

Austin, the #1 rated city to live in 3 years in a row, the 11th largest city in the nation expected to double in size in 20 years, the city 83 out of 100 economists picked, according to Zillow, as the #1 place to invest in 2020, still has brand new homes 20-25 minutes from downtown for $250,000. 

If that somehow slips through, then at the closing table before a notary public you are going to sign paperwork attesting to you living there and continuing to live there. 

Depending on size of event will current septic allow for two events per week minimum?

@Jaysen Medhurst thank you the value of other homes in the area around this size is closer to $800,000 they are asking 575,000 for this one but it's been on the market for 130 days.

The zoning, lot size and proximity to the highway made it attractive to me.

Now add in the time to find and vet a property, complete a renovation (if necessary), and rent it out.Private lenders and HML are pretty much off the table right now, since you have no track record.You can absolutely find and execute a deal, just don't get discouraged when it takes longer than you think.

I am definitely open to sacrificing some things like comfort and room size.

So I was going to spend ~$50k on the renovation and I could spend $5k more to double the size of the kitchen & put in stainless steel appliances and it would be the best property for the money in the neighborhood - but it wouldn't get me more rent (plus a pool is a liability nightmare in a B- neighborhood)Good luck - those Podcasts listed earlier are awesome

I am getting used to the idea that there is really no such a thing as a “one size fits all” approach to real estate action items.