How do I know if the inspection results/feedback is accurate?

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

I know that there are many others out there already such as the BP calc, but i decided to create my own to make sure that i truly understand the numbers.

I'd love to hear any advice on how other hosts in similar situations do this!  

How did you find this deal and how did you negotiate it?

.- Investors / Rehabbers - You never know when i will stumble across a fantastic deal - would love to be able to keep in touch and send you market updates from my area.

I am a big believer in making passive income and had real estate on the back of my mind, however like everyone else I was not sure how to get started.

How do you find the best deals in a competitive market like Texas?

It's also very important to know the wants/needs/position of your buying audience.I find that buyers are much more willing to get into a bidding war, and over bid on a property as opposed to paying their buyers agent.

You seem very green, I would highly suggest finding a property management company to do this for your while you learn the ropes and how things work.However, you can also get a copy of "The Book on Managing Rental Properties" by Brandon Turner, and get some really good information.The main one's to consider are:Background check - totally clear, or will you allow certain thingsEviction history - totally clear, or will you allow if no evictions for last xx yearsIncome Requirement - usually 3x the cost of rentCredit History - totally clear, or will you allow certain thingsPets - yes or no, size, type, number of pets allowed, extra pet deposit/feeAgain, I highly suggest a property manager to assist you with this.