Too often I have seen the true cost blurred by tax credit and other financial perks.

Additionally, if someone knows a great tax guy/gal, that would be swell.  

I am not very tax literate and have never filed for anything other than a W2.

Insurance is $50/mo and the taxes are $60/mo.  

I think this is partly due to property taxes that are higher in Texas due to lack of an income tax.  

You get potential cash flow, tax shelter and appreciation.

You have (presumably) paid the taxes and allowed your relatives as your guests to be on the property for purposes you agreed are voluntary and can be revoked at any time.

On another note, house flipping with a Solo 401k can be considered an active business, and the Unrelated Business Income Tax (UBIT) will apply.

Both are included in the listing, but are on separate tax parcels.  

Rental income from a property acquired earlier in the same tax year can in fact be considered for vanilla Fannie loans.Relevant link to FannieMae.com on the subject.Warrants linking here: How Lender Overlays Prevent Mortgages.