Make sure you do extensive Due Diligence but don't get "Paralysis Analysis", the over analyzing of something which causes enough fear to  stop you from taking action and making a move.  

I offered her a one month extension til October 31st.

@Alex Sanfilippo This publication should be a good (and extensive) resource for you. https://www.irs.gov/pub/irs-pdf/p587.pdf

While finalizing my extensive rehab plan (removing walls for an open concept, expanding a shower in the master bath) my contractor mentions we need to have an architect draw up our plans in CAD and then we need to have an engineer bless the plans in order to get through the City of Houston'a permit process.

Since you are new to investing I wouldn't get into a full blown project requiring extensive repairs.

REO or HUD transactions ad another level of complexity and require their own paperwork, which is extra extensive and hard to understand if you lack the background. 

That way, you develop a more extensive list of all types of Buyers/Investors as well as find more Properties and their freshly-convinced Sellers in every niche - by giving those Sellers MULTIPLE options!

I've seen posts on craigslist similar to car wraps but not quite as extensive but they were looking for people willing to have an advertisement put on the back window of their car stating something along the lines of "We Buy Houses" with a few bullet points and a number.  

Fluctuation, zoning, REzoning, demand, topographical data, etc...To give you simple examples as to how big of a spread between one deed transfer and the next; I have seen land that was bought for 1.25M only to be resold for 80K, a multiparcel that previous owner bought for 500K resold for 5K, etc...Bottom line, in REI land is by far the most rewarding yet the most devastating of investments; and, since you're new to real estate, I think it's best to read about it and do extensive research first and foremost.

I am currently in the process of filing my 2015 tax return (extension) where I can remove those expenses to increase that year's self-employment income, but that income would be taxed at the 28% bracket so not sure if it's worth it.