Holding costs are things like mortgage payments, taxes, utilities, insurance, HOA fees, and anything else that pops up while you own a home.

I have many years experience in the building materials industry working at Home Depot and interstate building materials.

Arguing the probability of a city of 212k can immediately replace a city of 1 million + (Austin is about 1mil, Bay Area is 7) as a leader in any industry is certainly not the point of this post.

As long as your careers are in the same industry/field for at least the last 2 years you should be fine.

Some of my costs just to maintain, and these are just estimates as I dont want to look up the exact amountsMLS = $1,000E&O Insurance = $1,000Board Dues = $1,000Sentrilock = $300Showing Service = $300Continuing Education = $500Licensing Fees = $300

I can't confirm how much taxes you will owe (not a CPA, you should confirm this with a CPA) but you will be able to deduct prorated portion of all expenses on the property (mortgage interest, property taxes, insurance, property management fees, repairs, etc.) and then whatever is left will be taxed. 

They can be properties of any kind; industrial, commercial, residential etc.

You can require insurance as part of the rental but that won't cover the "emotional" value of things.

How many of each fast food, hotel, insurance agency, etc are nearby?

Get insurance asap now that you have the property.