Are there any markets that achieve 1% price to rent ratio?  

Fast forward years later, I still want to do it and heard of bigger pockets, I feel from BP I can get the support/knowledge I need to succeed and achieve passive income.

We have been able to achieve our goals in real estate even faster than expected.

What is your associated "business plan" if you will for achieving it?

Typically there are only a few ways you can achieve cash flow in Austin:Buying cash flow with an increased down payment, but COC drops sharplyPerforming a major rehab and bringing rents up to market rateHolding the asset for several years while the market rents grow

Read Beginner’s Guide to help you get started: http://www.biggerpockets.com/real-estate-investingI hope BP helps you achieve your goals!

If your lot is flat with all utilities to the site then this should mitigate some lender's concerns as it is usually the horizontal construction that has the most unknowns and results in the difficult and expensive cost overruns.The fact that you have equity in another property could be helpful for lenders who would consider cross-collateralizing to achieve their desired LTARV ratios, but I would not offer this at first. 

Do you have a plan for how you're going to achieve your $20K/mth goal?

@Steven Chraca I recommend you take some time to determine what your goal(s) of being licensed are and then check out a few options and see which will best help you achieve that!

The first step: Think about what you are trying to achieve and who will be living in it.If you are going to rent to families or allow pets – think waterproof long-term flooring.