Anyone done L/O in Corpus?

[itriptx]

Hi,

I'm an out of state investor that owns rental property in Corpus Christi.
I'm considering acquiring more and then L/O'ing rather than a
straight rental.  With L/O I don't have to pay for property
management, and it's easier to structure a deal where I get a
piece of the action with others' money.  I've  mostly looked at
Padre Island in Corpus, but driven around Portland and Flour Bluff.

Wanted to know if anyone is successfully L/Oing in Corpus, whether
such rapidly appreciating and more upscale areas such as Padre are  
good candidates for L/O.  

I'm open to forming partnerships with folks in the area.  I could
also be interested in Austin and San Antonio (I know Austin better).


itriptx

PS.  In case you are curious I live in the very surreal real estate market
of the San Francisco Bay Area.  Lots of RE strategies just don't work here
or require quite a bit of cash ....  There are a lot of folks here with good
incomes and credit that want to RE invest but are stymied by the
California market, seems like a good opportunity to me.