I like the idea of diversification of my investments and I love the strategy BAM has articulated: the focus on properties with below market rents in growing areas with jobs and good schools. 

Thus, I have worked 2 jobs (1  is self employment) for 7 years to fund purchasing a few single family homes locally. 20k is not enough to purchase IMO, that should be your savings AFTER your purchase.

Many first time investors don't realize that by getting into the management they are getting another job.  

Great job James, cheers!

Long term, the Austin market will do just fine with strong population and job growth.

You have to be an active manager and many current owners are not wanting a second job and are selling.

It is your job not to be bitten by one.   

Heck of a job keeping all the paperwork from 22 years ago. 2 realtors and an inspector and none of them knew an old house or deck would be up to code?

I continued paying what I had paid before, with the additional money purely going to principal.The recast to a lower amount was purely to reduce my committed monthly payment to a point that I could get my property to cash flow if I had to move out (job loss, etc).

My purpose behind my decision to pursue REI is to gain financial freedom for wife and I, my future family as well as have the ability to make sure my parents are well taken care of once they reach the retirement age.If I had to label myself I’d want to be known as an open minded rental investor for all long term, mid term and short term investing, with the occasional flip for quicker capitol to put back into another rental.