New member Introduction from Austin, Tx

[Michael Renna]

Hi BP,

My name is Michael.

Just became a fan of the BP podcast, some really great stuff so far. Seriously interested in part time real estate to earn extra income. I'm a full time IT consultant and enjoy my day job, but I (as could everyone) use a bit of extra income. I live in Austin, and currently staying with family and friends, but I'm looking for a place to call my own/make some extra cash at the same time.

Naturally identified a Multi Family Rental Property would be a place I could live in and rent out the other part. Specifically I think starting with a duplex is a good idea for now. The home I am looking at currently is WAY over valued (austin is in a bubble) considering roughly 100 people are moving here a day. http://www.bizjournals.com/austin/blog/at-the-watercooler/2014/02/how-many-people-move-to-austin-a-day-heres-the.html

How do I go about purchasing when I know I know this home was flipped and is in a "developing" neighborhood?

Here is a link to the home:

http://www.redfin.com/TX/Austin/2211-E-51st-St-78723/home/31418874

Any Advice would be greatly appreciated