They tend to find the worse for wear properties at the lowest prices, so if you're looking to do heavy rehabs that's a good starting point. speaking with other flippers in the area or real estate agents would help give you the best idea of what you may be looking at for ARV's and rents if you planned on holding any of your properties. 

This is the same amount that you can rent in Hutto haha. 2- Even if the rent is higher, you pay way more money for the property (compared to Round Rock or Cedar Park) for just $100-$200 more in rent.

My landlord/tenant contract states pay rent by the 5th of the month by 5 p.m.

Seriously, you pay for your education is what I thought and even if I lost money I would be well ahead for the experience.

This sounds like an excellent candidate for a "wrap" or all inclusive deed of trust where you would pay the seller and lender (through a title company or loan servicing company) the new, agreed upon payment based on what terms you negotiate. 

I had quite a bit of money saved up from years of traveling and not really paying any rent as I was staying in hotels and accommodations paid for by my tours.

It's also uncommon that you already have a plan in mind for how you intend to get started (with flips).

Older homes are harder projects. 4) Make up your lack of experience with other strong compensating factors like good credit, liquidity, and a solid game plan. 

I want to give him incentives to work with me but I am pretty sure he doesn't want to spend a big sum of money into the property.My idea is to ask him to pay 5% of the property and get 10% of the property.

Thanks for your response, we plan to do 2 rolls per bathroom.