If you know the market well enough, then lack of disclosure is not totally a reason to abandon discussions though you should have some warning flags up. 

Is it reasonably priced?

I as a landlord am a private individual, not the government.... so an inspection of my property by me (the owner) is reasonable.

That’s a reasonable return along with having it look amazing after the flip.

Home prices are still reasonable, and it might attract people who think Austin is so much cooler than SA and want to visit both cities.

I'm also from CA and understand the reasons behind out-of-state (OOS) investing. 

If you’re in need of that much, even higher HELOC rates are still pretty reasonable as compared to hard money anyway.Best of luck!

I have family that visits from out of state often so there is a legitimate reason to have the space for visitors when justifying with a bank. 

Now, if you want strictly passive returns, this is probably the best vehicle provided you buy quality certs that you are reasonably certain will be redeemed or sell at the tax deed auction. 

In addition, when a property is passed from you, to S-Corp to LLC, there is no paper trail associating you with any homes if, for any reason, the LLC is sued, it can not be traced back to you personally.