These are just a items I picked up on when reading your post you should be mindful of when communicating with potential partners.

Any rental over $5/day for a term of less than 30 days is required to have a license in Austin.There are two potential violations from the city of Austin and there are for advertising without a license or renting without a license.

Demand is super high in this area, partially due to low inventory which has turned many potential buyers into renters until they can find something (like my tenant I just mentioned who is planning to purchase but renting from us while he shops).

Given the state of the market, keep the following considerations in mind:Buying a Primary Residence:Pros: Building Equity, Stability, Potential for AppreciationCons: Upfront Costs, Responsibility, Market UncertaintyRenting a Primary Residence:Pros: Flexibility, Maintenance Responsibilities, Fixed Monthly CostsCons: No Equity Buildup, Limited Control, Rent IncreasesUltimately, your particular situation, financial objectives, and personal tastes will determine whether you should buy or rent.

So, potentially in theory if you get ahead by one "payment" you are already doing pretty good.You need to be "ahead" on your income/loss, not "behind."

That's a separate calculation.Second, take your initial cost of the property and calculate your potential future equity growth. 

The classic Cash-Out Refinance gives you a new loan with attractive rates, but be aware of potential loss of existing lower rates.

Businesses invite increased traffic, potential greater wear/tear, and potential community complaints (from neighbors, etc).  

In addition you’ll need a cash buyer since an appraiser will not include value of furniture or potential rental value in their valuation.

Also if this was Georgia, I would definitely tread lightly especially if you are not licensed as you can be fined 5 or 6 figures for owning loans without a license and throw into it trying to collect potentially uncollectible fees