The property taxes are higher in Texas but that doesn't matter as much if you're a flipper since you might hold onto it for a few months while you rehab and sell or maybe a little longer if you want it to be capital gains.

As far as numbers, does gaining a full understanding of them come from experience?

You can gain so much insight and foresight from B.P.  

Is it possible for an investor to gain access to the MLS without an agent?

Just finished BP's Ultimate Beginner's Guide and it was great.I want to fill my head with as much knowledge, go to meetups, and connect with as many people as possible so I can gain confidence to make my next purchase.Glad you reached out!

Once you get to know the sellers and gain their trust (it may take a few conversations going back and forth), then you should ask them if you could get a few estimates from contractors on the work needing to be performed and go from there.

Now that more user-friendly options like Zillow, Trulia, Hotpads, etc. are gaining traction, Postlets seems to be the way to go, at least in my market (NW side of Chicago). 

Cash flow is taxed differently from capital gains.

Are you trying to figure out how much you'd gain if you foreclose, or how much equity protects your note?

Can I do a 1031 exchange for this transaction and, if so, can I defer the capital gains tax?