I can pay utilities, insurance, and other holding fees but I won't have enough to pay other cost like listed above.

If they failed to pay the bill and utilities are shut off, they are responsible for any damages caused.

In all I end up saving maybe 20-40% on the job depending on how much I pay myself in labor.

I would never fund a newbie .. and if I am doing something like this for myself out of my home market that I know very well.. instead of paying for a guru course..

The rental income from the first home will pay for the mortgage/monthly costs.  

And if the buyer defaults and stops paying, then you just foreclose on them just as any bank would foreclose on a buyer who stops paying.

Going to guess the $797 is rent only, with tenant paying utilities.

This seems unlikely in the long run. you are forgetting that someone is paying down your principal for you so you need to take that into consideration. 

Expect to keep paying.

You may be required to make estimated tax payments when the property sells.It depends on what your 2024 total taxes due were and 2025 estimated total taxes / withholding / estimated payments are.If you pay in atleast 90% of the current year tax or 100% / 110%(Depending on 2024 income), you are normally considered good.You may want to consult with an accountant for more clarification.