You will have greater cash flow ,prob be able to hire some basic management so you can have less headaches, and get paid for putting deal together. 

Basically, everything will be new with the exception of some Sheetrock walls that I was able to salvage.I’m really looking forward to the finished product and placing my first tenant!

Moreover, most of the people living in these areas drive 30 minutes per day to downtown Houston and Houston Medical Center.  

Also I know I can drive for dollars but are there any other ways I can find properties or how can I get a good idea of what area I should even be driving to?

I’m currently driving for dollars and I find homes that are vacant with boarded up windows.

Leverage other people's money, your time, your drive, partnerships, etc.

These numbers are just basics that I use, but will give you an idea. 

If i am flipping a house and doing some basic renovations myself (Demo, cabinets, flooring) and using contractors for the bigger projects, do i myself need any type of licensing?

Basically I just want to be the investor, pay a small fee for it to be managed but in the event the borrower happens to foreclose then the property would still go to me because I’m the investor?

Basically I tried to get a little creative on the due diligence, because the bank wasn't too much help.