The closest metro out of the top 50 in the U.S. to see this type of growth was Silicon Valley, which grew its GDP by 99% during the same period."

I keep hearing of a “cooling period” across the US but the Austin RE market seems so hot.

There is no current balance on the HELOC which will reach it's pay down period in the next year or so.

This means you may be able to meet the 2-year residence test even if, because of your service, you didn’t actually live in your home for at least the 2 years during the 5-year period ending on the date of sale.And...Period of suspension.The period of suspension can’t last more than 10 years.

As I work through some of the IRS worksheets, I am wondering whether it is normal that there is a difference in the fraction of depreciation one takes on a rental property that was only rented for part of the year, and for deductible expenses incurred during that same year, if the property was idle for a period of time.For example, if I rented out an apartment for the first eight months, then the apartment was vacant for the remainder of the year (needed some work that I did not have time for), would I be able to claim 100% of the depreciation, but only 2/3 of the deductible expenses for that year ?

Prices are coming down in the Bay Area right now, but that could be a good thing for you if you are looking at a long hold period.

Illegal is like pregnancy.

Interest only payments for the entire draw period.

With those numbers I wouldn't hesitate trying to get it under contract and then use your due diligence period to get more detail about the condition. 

If you're flipping, run the numbers with a bit of cushion in your hold period and you may get the opposite result.