You seem fairly happy with your career and risk averse so nothing wrong with your plan.

It seems some of these buyers are paying for the privilege of flipping a house.

I owned some bungelows in California... whew... glad that's over, but Texas seems more reasonable.  

Seems like all the HML listed on BiggerPockets that says they lend in Georgia are only willing to lend in the Metro Atlanta area only!

A lot of people in this market swear that it's still going to get higher, while a few financial "experts" seem to think that "winter is coming" (a correction).Besides the regular investment strategies (which I'm starting to implement soon), I really have the bug to put that FHA to work and get started (this would be my 2nd property, first is already a rental in Austin), I just think I'm missing something and I'd like your opinions. 

@Chris Tracy that seems like sound advice!

The property is going to need some aesthetic repairs in order to increase value.After reading the Bigger Pockets "The Book on Investing in Real Estate With No and Low Money Down" this seemed like a good strategy to get me going.

Which seemed to be a nice way to do it but we had a lot of our own money tied up in it.I have approached different lenders/ or hard money people and they seem to be all over the board.

It seems like your investment strategy relies, at least in part, on your ignorance of just how bad those Ohio tenants are going to be..

I've come across a couple of properties that seem to be vacant and through some internet sleuthing I've determined that the owner is absent.