First, tax assessments have only a loose relationship to market value. 

Your ability to reach distressed sellers, budget repairs, complete a project on time & properly forecast the ARV is what makes or looses you the money.

Bankers loose their compensation if a buyer refinances after making less than 5 payments on the loan which is not the case on the flipper either since you need time to get permits, do the work and finally sell it. 

Yes, you loose control.

Question is do you put the rental listing up know since it’s a high demand market but risk loosing a potential tenant because they looked at the property unfinished or do you wait until the property is ready to show but loose potentially renting out quicker.

One thing to note when looking at the individual markets, you can make or loose money in any market.

In a highly desired/ central area where the population continues to grow every year, the house itself was bound to appreciate in value.

My first investment immediately proceeded to loose about 1/3 of what i paid within 2 or 3 years. 

You can make or loose money in any market.

Until you countersign their acceptance, you are not yet legally bound.