Depending on the transaction, I would think that you could get something in the low 4's on a 5 year fixed period.  

My concern is that my unit will sit vacant for too long a period.

I didn't see a 30 day restriction in the contract just the 120% GRANTEE HEREIN SHALL BE PROHIBITED FROM CONVEYING CAPTIONED PROPERTY FOR A SALES PRICEOF GREATER THAN $___________________ FOR A PERIOD OF ____ MONTH(S) FROM THE DATE OF THERECORDING OF THIS DEED.

This authorizes new background checks and the RHA leases allow them to be repeated periodically.  

I've lived here for 27 years and seen Austin through several downturns and stagnant periods - I personally know a California investor who lost his %$$## in Cedar Park buying houses just like you describe.

Lately one of my CC's has a 1% fee.I guess they're counting on the borrower not paying it back in the 1 year period, and getting bumped up to the usual 12,9%, but still, 1%... wow...

Once you have a deal under contract with the longest attorney review period you can get (2-3 weeks), send out your investment docs to as many accredited folks as you know with a deadline to invest.

Could you purchase the property, wait the 4 years (time in florida, not sure about time period for other states) and then apply for a clear title?

You also have a lease for the same time period. 

There are different bidding periods in HUD purchases.