Since this was awarded to me in the divorce, usually assets gained in a divorce settlement is non-taxed, but since She bought it as a 1031 exchange, do I get stuck with the capital gains taxes?

However when renovating a full flip, things like paint, subflooring, caulk and screws, etc are usually absorbed in my other areas, and don't get factored in for the bathroom alone.

Even at that price, it is usually losing money.  

In my city they leave the water in the landlords name for just that purpose and they won't usually turn it off.  

Usually they just go up year by year as property's appreciate.

As a general rule this is usually a 30 day written notice and two months worth of rent by the tenant to "legally" break their lease. 

The borrower/ owner is MIA this is not the first time this has happened but he usually contacts me and gets his payment up to date.

When that 0% interest rate period runs out, usually that cost of capital becomes VERY VERY expensive (15+ %)A more commonly used method would be to get a private loan on a note from a friend or family member.  

Be aware that LLC's for flips are usually setup differently than for buy and holds... so, when you come to that point make sure you get the right advice for the scenario...

This is just a start, but I think with a bit more information, you can avoid the usual answers here like, KC, Indy, Memphis, Austin, Cleveland, etc, etc (these are ALL fine markets, but I would assert that investing in any of those cities is NOT always the best choice for the out-of-state investor, based on answers to the questions above, as there are success stories on REI in almost every town in America).