Taxes are high in TX with real estate, so put more money down to create some cash flow.

I'm gonna have to start calling ya "Money-Bags Collin". 

Tax-wise, profits are taxed at your ordinary income rate, and frequent flips may subject you to self-employment tax if classified as a dealer by the IRS.

Penalties of these Federal charges may include:30 years in prisonUp to $1 million in finesThey have a "statute of limitations" - (with a third "T"  ;-) of 10 years from the date of the transaction - 10 years from now, you could get a very nasty call and hopefully, you put your reserve money in a good account that grew to cover legal expenses**********************************************And the universe could blow up as Doc says in Back to the Future " But, granted, that's the worse case scenario." 

You think working harder equals making more money.

Examine the bottom half from every angle - how much you can make, what else you can get for your money (don't worry about how much you make on these, they are time suck and the lower half of your portfolio)That's a good place to start.

COC will make you money now and appreciation will make you wealthy!

If so you should be able to cancel but if you are doing it out of the inspection period you are stuck and could run the risk of losing your earnest money if you put any down. 

Buying existing plans and tweaking them through an architect could save time and money compared to a fully custom design.

However, there are other loans designed for fixer uppers referred to us hard money loans, bridge loans, or fix and flip loans but whatever you want to call them they're essentially short term, interest only loans with no prepayment penalties designed to finance a higher % of your purchase price and typically all of your renovations not to exceed a certain % of the ARV (typically 75% max).