Our rents are solid ($1200 for a 2 bedroom unit), so 5% typically covers the maintenance costs we run into. 

Are there any books out there that detail the thought process behind setting solid and defined goals as it relates to real estate?

Currently have a fairly solid job but probably only a 50% chance I'll want to stay in Austin more than 2-3 years.Renting currently at ~1k a month. 

Overall, I think it is a solid deal, especially if you can keep expenses below the 50% threshold.  

I also suspect that you are wasting your money on an attorney right now.

Now, you can try to find ways to minimize that (I have a single family property here in Los Angeles for which my agent signed some solid tenants on a 3 year lease, so ti is possible), but it's trickier for apartments like this. 

My investment property in Baltimore - It's doing well, in a great neighborhood, solidly built (brick), never sits more than a month without a renter.

I am only about 90 podcast deep and am wondering if this concept is still solid?

The OKC market looks pretty solid or I likely would not have looked at it. 

@Burt King, did you get a solid estimate for the rehab?