If you truly want something that's completely safe and predictable, it would make more sense to invest the money into bonds or mutual funds. 

You could do a search on the local city's permitting website to see pending permits or recently completed permits which could show you pending or recently completed work on the property.

Im still a complete noob. 

Have you completed similar projects. 

This may be entirely, partially, or not at all factual.That said, this sounds like wholesale transaction with some seller financing.

sounds interesting.. would like to hear more about it

Sounds like you are looking for a loan for a new primary residence do I understand that correctly?

Plus Dallas county is bad a Chicago, it is completely tenant leaning.

It's not a sounds principle if you really want to be an investor.

Let's say your seller bought the condo for $75,000 back in 1993, and today it's worth $300,000 - completely fictitious numbers - but go with it...Where I live (in Florida) there is a cap on how much the government can raise your property taxes a year... it's like 3.5% a year of the assessed value.