I had to file Chapter 7 2-3 years ago to prevent my lender from auctioning my house the next day.

As for the other, I don't know your area but maybe get an inspector or mentor involved to help with your investigations and search… you will learn the major things to look for as you get experience but until then get a pro to help and prevent some of the mistakes that many of us wish we had prevented :) Good luck to you!

My main struggle or conflict is how to start with very low funds, and I will soon have my own personal mortgage/loan, so I'm afraid it will prevent me from getting another loan to try my first flip.

If the basement leaks, but there is a drain in the center which typically prevents it from flooding up, would you add a $1000 sub pump anyways?

And prevent damage.

Should you ever decide to rehab an out of state property before renting it, I'll link to a blog post I wrote on the topic of my first out-of-state rehab: more specifically, about the issues I ran into and how they could have been prevented.

Here is an excerpt I found on their startup page on Angel.co:TrueAccord uses behavioral analytics and personalized messaging to get late and delinquent customers to pay up, recover and come back to being paying customers.TrueAccord automatically: - Collects publicly available data about debtors to create a rich dataset teaching the system how to approach them - Communicates with debtors via multiple channels - Uses a process designed according to latest behavioral economics research to negotiate with them and understand the root of their inability and/or lack of willingness to pay - Manages the payment process - Presents insights back to the merchantTECHNOLOGY- Complementing debtor profiles with online crawling inspired by Israeli Intelligence Forces' technology, bringing together sentiment analysis, social data and more. - First ever automated negotiations engine working on debtor objections in real time, employing behavioral economics guided U

I am rooting for you getting those flips really soon!

I don't know that they can prevent the owner from renting it (maybe they have the right to disapprove all tenants in that case) but they Do have the right to restrict the occupant from common amenities (pool, gym,etc). 

As Account Closed has shown in the link, there are some regulations in place preventing you from routinely using an FHA loan to flip properties.It's my understanding that FHAs are for OWNER OCCUPANTS.