You’d buy an off-market, distressed property, fix it up, rent it out, refinance it, collect your money from the refinance, and repeat the process.

They do know and want something in place you will have to go back to them to fix, or they're doing their best to go with the client's unrealistic wishes and don't have the guts to tell them that won't work.After dealing with plenty of these, I will tell you what I see works best. 

We spent about a month fixing up the place.

Sec 8 collects data to "price fix" what they will allow.

I have an extensive background in residential construction, having built several properties from the ground up, and I’m looking to focus on either fix-and-flip projects or a niche market for small residential homes in my area.

They offer a $10K repair fund to fix damages in addition to SD plus warranty for appliance repair etc.I have no say in whom they choose to move in, whether there are animals, limit on # of occupants etc. they reserve right to inspect property so i have no idea if they can tell me to remodel, paint etc.does this make sense i have a vacancy coming up in October (bad rental timing).

After researching more about PAce and watching his videos after watching some real information from Bigger Pockets and other REIs, stuff like, fixing a place, what is actually a good and whatnot, I realize Pace doesn't really know anything.

Monthly payments are fixed.  

Im also pretty handy so i was thinking maybe BRRRR or Fix and flip to get started.

From my understanding, based on my experience buying and selling properties in Texas, any known repair or damage—even if resolved—should still be disclosed, along with a note explaining that it was fixed.