When that employer has a financial downturn, it will generally have a major impact on the economy. 

Any referrals you can provide would be appreciated.I greatly prefer to support the local economy where I am investing so local banks is definitely a preference to build the relationships up.

Personally I would syndicate with partners and look at a minor 100 units to take advantage of economies of scale. 

A new report from Zillow showed Austin's rent increased the most in the past decade compared to any major city in the country. 93% over since 2010 and 50% above the national averagehttps://www.kvue.com/article/money/economy/boomtown-2040/austin-rent-increase-highest-in-us-report-says/269-508318c0-e380-4b02-9bb1-7b579b99f20b

There are many economies of scale as well in regards to property management and operations.There’s no reason to be intimidated once you educate yourself on the business. 

The excess $5k split is undetermined.The question then becomes, how do you analyze value for Investor's $49,000 of initial shared riskLocal's due diligence and $21,000 of initial shared riskMore simply putInvestor's $28,000 of initial shared riskLocal's due diligence and $0 of initial shared riskThis is where my estimates can be wildly offLet's assume the local party has an established system in place, principled by economies of scale.

Isn't the economy there based on only one main sector, energy?

I expect it will happen, my property will revert back to a family vacation home, and the economy there will collapse. 

I had a similar thought process to you but after scaling my single family portfolio I learned about some of the challenges of scaling with SFH’s, namely poor economies of scale and a real management challenge.

For stable relatively recession proof investments with decent cash flow & stable modest appreciation I'd look at one of the midwestern urban centers with diversified economy and positive population growth.