Assuming that your agent is good, it'll also ensure that your rent is inline with market, tenants are vetted as best as possible, and leases are done on the up and up. 

Feel free to reach out if you want to connect and get more data on the different Austin markets.

What are some of the strategies that out of state investors use (particularly in DFW area) to ensure that we are picking up great deals in neighborhoods where rentability will be high for years to come?

I understand each coop has its own rules so it could be possible to rent your coop unit but how can I filter my search to ensure I can use a coop as an investment property?

All the data online and pictures can only tell you so much. 

You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.This article goes into a lot of the considerations about whether to form an LLC or not: https://www.mmpph.com/wp-content/uploads/2019/04/May-2019-newsletter.pdfCreating an LLC in California would cost you a minimum tax of $800 every year.

From an actuarial standpoint, I would be completely shocked if there was any data to support a greater risk of claims based on the length of a tenant's lease.

Adding more closet space ideas and ensuring a large enough bathroom are key.

While we are very early in the process of investing in real estate I wanted to get some insight on the proper way to vet a contractor to ensure we dont get burned in the process.

It's a new construction so I have no data to estimate the expenses.