Do you have any desire to live in the home (only relevant if your parents currently occupy the home)?

I wondered if we could rehab it and change it's appeal into a desirable space.

What your strengths and desires are.2.

Ask yourself if spending several hours each week on your rental properties fits in your current lifestyle or future desired lifestyle. 

The Lubbock market is a little slow right now due to overbuilding of new multifamily so you want to make sure that you buy in desirable areas or you may be waiting a long time to get your property rented (or worse, get bad tenants).

Define your investment goals, including target market, desired cash flow, investment timeline, and risk tolerance.

I’m an real estate investor who is looking  to achieve the success I desire and fulfill my  dreams through house flipping.

An account with robust online banking features and a user-friendly mobile app is highly desirable.4.

I am not a fan for increasing density in highly desirable areas just because people want to live there. 

You will surely need them for any sizable project like this....and that will drive up the cost....As far as flipping in a small town, you can make money anywhere, it just depends on the desirability of the area.