[No coverage for] Water below the surface of the ground including that which exerts pressure on or flows, seeps orleaks through sidewalks, driveways, foundations, walls, basement or other floors, or though doors,windows, or any other opening in such sidewalks, driveways, foundations, walls or floors;...Wear and tear; marring; deterioration; inherent vice; latent defect; mechanical breakdown; rust; mold;wet or dry rot; contamination; smog; smoke from agricultural smudging or industrial operations; settling,cracking, shrinking, bulging, or expansion of pavements, patios, foundations, walls, floors, roofs orceilings; birds, vermin, rodents, insects or domestic animals.

In north Texas, foundation problems are a big issue.

I performed cost replacement valuations for a couple clients down here in Florida to show that they were being overinsured for what the policy actually covers (i.e. policies do not cover foundations) and was able to get their rate reduced by giving them their own ITV they could present and negotiate appropriate coverage for. 

I walked into a 55k triplex with drop ceilings stained and falling down, rats fighting to get off sticky traps, no HVAC or separate utilities, and the back foundation dropped so much the floor buckled.

Can you put the foundation right up to the 15 ft boundary if you wanted to?  

I recommend you build a strong foundational understanding of real estate investing.1.

When I thought it would mostly just be a cosmetic upgrade, I knew I could do it since my brother in law has done a lot of that type of work, and my boyfriend has experience as a roofer and in building foundations.

I’m not in the market for Ag Shacks or Stealth Dorms, but there are some in my neighborhood and many of the neighborhoods I get calls from for my foundation repair company.They must bring a good return as they keep getting built.

Looks like it needs flooring, paint, countertops, cabinet refinishing (or replacement), roof repair, dry rot repair, maybe foundation repair, lots of wall repair, and possibly plumbing/electrical repair (nothing can be seen in the photos but common in that area).I agree with @Dylan Vargas that there is no money to be made in flipping this property based on your numbers. 

Frankly, unless you are inheriting millions this is probably not feasible however it will help get you on the right path.Some things to consider (in the form of questions for you to meditate on):- How is your current financial foundation?