Additionally, I was never informed of my right to conduct a final walk-through before closing.

Either one would be our primary residence, so down payment and closing costs are fairly the same.

I basically offered to pay closing costs and seller to finance the downpayment. 

You also have closing costs associated with it and you are only able to pull out a certain amount.

Ricardo,You have a couple of options if you decide to go in with "All cash" you can do a delayed financing loan after you close that will give you back 80% of your purchase price, plus any renovations/repairs.

I’ve read books, listened to podcast and watch educational YouTube videos to help educate myself.

Other topics I have researched about changing the basis include "you don't transact closing costs as an expense in the tax year, it changes the entire basis"....and I have been trying to use a tax platform that I have been using for about 10 years. 

Close processDepositsHow to make your bid preferable to a sellerEtc  

You could even get cell phone internet for close to $20/month. 

I would suggest doing your first flip close to home as there is a lot to manage, especially time and that is compounded severely when you do it from a distance.