Revisiting the subject of financing for vacation home/vacation rentals/STR's.  10% down is still an option without having to pay points.  

If I flip a house and make a profit after 6 months, then buy a new property 3 months later, what taxes will I be obligated to pay?

They say you are investing in land, but because you are paying $15k for maybe $1,500 in land, you are really investing in the business.If the business fails, you will probably not be able to sell the land -- it's an incredibly small piece of land that is too small to be individually farmed (and therefore tough to individually sell).Vet the business - that's what you are investing in.  

I would recommend BackFlip, but you do pay a little more on fees. 

I even heard of a landlord being sued and losing and having to back pay all the rent payments. 

You can stack those up and pay the debt down 

You will pay about 30% in W-2 wages and the remainder as ordinary income. 

They have some of the most extensive fees because this way they can charge you fees but low points.You can expect to pay about 1,500 in closing cost fees: Legal, processing, underwriting.To get in a good loan, you would need some experience in real estate flipping/holding preferably in Houston and be 100k liquid and have credit 700+.You fill those three needs and I can help you for sure.

She will be finishing up her doctorate and finding a job and I will be finishing up my degree and getting a better paying job (hopefully) in the next 6 months.

Only you can decide what's best for you, but for me a year usually feels like a good enough time to get a STR business off the ground.