I prefer more rural property.

@Shimi ElimelechI would prefer renting with an option to buy.  

Some other features landlords commonly look for:Automating late fees (the level of complexity you require can impact the software that's a good fit)Logins for multiple employeesDedicated mobile app for your tenantsFull accounting features OR alternatively, integration with your preferred accounting platformDigital document signingTenant applications and screeningAgain, depending on which of those matter to you, one software will be a better fit than another.

Preferably local or within 100 miles of Austin, TX, however open to out of state 

If the HOA is efficient , then things work out fine , but if they are not  then you dont have too much control on the laws and covenants , monthly HOA dues may be high, assessments may keep coming up etc.Generally speaking like-for-like I prefer SFH to condos .

ProForma Software – When conducting ProForma’s is there a software that is preferred to use other than an excel sheet?

Both have section 8 renters which I prefer since that program pays me directly and I don’t have to worry about the tenants paying the rent.

I would recommend learning a bit from here and making your PRIMARY authority on this your real estate or business attorney (preferably with a Tax background). 

Preferably one that advertises as a specialist in that area and that has good reviews from Landlords and bad reviews from tenants.

I'd typically prefer a SFR that was a great deal, but I'd buy a condo if it made sense too.