@Hector Ortiz, the "missing cream" is that if you want to refinance it (or sell it), it WON'T appraise at (hardly) more than they've already made you pay, which means whatever money you put into the deal, stays in the deal. 

The short answer is no,don't do it.You don't seem to be in the right mindset to become a member of my profession which is exactly what it is,a profession and not a hobby to pick up or put away at will.My profession requires lots of time devoted to learning both in and out of the classroom for at least 6 months to earn a license and the follow up sales training at the brokerage.It is not cheap either to get started with all the fees involved.From what you are describing about your personal life,family demands,and interests desired to pursue,I would concentrate on learning about investing in your spare time.Learn how to evaluate property for potential profits after repairs are done.Join an investment club and surround yourself with successful people who have already been through the process.Learn about hard money,gap funding,and what it takes to get the money you need when you need it.

During the downturn, the floreclosure wave hit Crete hard and some of its housing was converted into section 8 housing.  

But, I've heard some lenders have a hard limit of 4.

However I never complained about the hours or how hard the job was, because I know I want to achieve early financial freedom.

. $100k hard cash budget.

Hard to say what people in Houston will do.

At the top of that list is Credibility and Experience; two things that are pretty hard to attain overnight. 

It has a huge backyard,and I can build another 900 sq ft 2 bedroom unit which I think will add $100k to the value of the property for a total of $300k.But there are no comparables, and my realtor could only give me duplexes which were only about $250k.My question is should I build this second unit rather than look for another "very hard to find now" flip?

Takes some hustle, don't be afraid to pick up the phone and call relatives, and float the money thing past them hard.