On BP, you'll find many tips and insights to help you on this new journey.

Also if it is intended to possibly be a rental you should calculate the end result of the acquisition, the debt service, the rehab, etc and pretend to get a loan to refinance. then look at the potential rent to offset that monthly cost and see if it would cash flow.

What will it cost to buy the property, how much will it cost to rehab (to include how long it will take), and what will it realistically sell for?  

Any tips to get the seller to come down on price or fix things to get the best value? 

Quote from @Steve Tse: Hi BP, What insurance carriers can you recommend in Texas, as I am shopping around to replace my landlords policy that I currently have with Travelers ?

Of course you can, it just may take you a bit to get there.

Your insurance is going to be highly variable and I wouldn't use what an agent or the seller tells you as the cost of dwelling policies have increased substantially over the past few years due to rising new construction costs. 

I need to figure out what to do.

Quote from @Michael Baum:I don't want to see a recession (full bore).

Generally there is a higher projected return for taking higher risk.