Seems like a success to me :) While your cash on cash return on investment may not be so hot, do you have a lot of equity in it now?

Mainly because the returns are "EXORBITANT" (that's Rich's word).How long will that be a "hot" thing to do?

In a hot market, you'd probbaly get offers routinely 10% under asking, and in this market, you can't be insulted if offers are 20% under.If you don't want to sell for the offered price, you don't sell.

Some mutifamilies and apartment buildings, but market is hot!

However, I have concerns about entering the red-hot real estate market in Austin-- where real estate prices have been soaring and out-of-state investors abound with all cash offers. 

Give you the wherewithal to pursue and achieve your long-term goalsMany investors start off "too hot", and they either overdevelop their first property or they spend their money too fast: either of these behaviors will stop you dead in your tracks, and you probably won't even be able to achieve your short-term goals - and you certainly won't have the resources to pursue your long-term goals.

I encourage you to look in areas that are starting to attract more investors, the "hot" areas of the country and those areas will be determined by the buyers you wholesale to.

Everything from Swiss watches to hot tubs! 

Probably not so after a few years in Cali    In 25 years he’ll replace 36 hot water heaters instead of 3. 12-24 roofs, countless fridges, stoves, toilets  No doubt he’ll need a managing agent.

The Vegas market is scorching hot right now and you basically have to go off market to even have a chance at cash flow.