I am very interested in DFW and Austin market, as I see they have the potential to become the next Silicon Valley.My current job requires tremendous commitment and therefore would prefer to have a very passive investment even if it means lower ROI.

Markets change, demographic change, laws change.Step 1 to getting into REI is getting some base knowledge and exposure, from there step 2 is evaluating your personal situation, resources, hurdles, preferences and choosing your own individual strategy and starting REI formation, no book can say what's best for you, a guide can't say you need to start as a wholesaler or a flipper, HML, Joint-Venture, etc etc etc.. 

The ladies can go to wine tastings served by Chippendale types.

I prefer investors starting in their own market locally regardless of which market it is.

I also prefer it to be in a good school district like South Pasadena, or La Crescenta-Montrose.

In more desirable cities conventional mortgage is preferred by sellers because FHA requires clearance like termite(chk see if your area has that requirement). 

I would prefer my first BRRRR to be a light reno..floors, paint, and maybe counters/reface cabinets, minor bathroom upgrades.

I'm budgeting for a (nearly) full renovation for a 2 story ~900 sq ft rowhome in Germantown. I'd like to get away from the big box stores for some of my materials, especially if I can save a few dollars in the process...

@Danielle Scott for MCA DPA's, it's best to consult the program's list of preferred/recommended/required lenders and have they help guide you through the process and their guidelines and make certain you can use the 203k with the DPA. 

I would prefer to actually make it a real 4 plex and sell it to an investor down the road, or even have someone house hack.