I just learned that isn't the case - in fact, taxes on flips eat into a large part of the profit. 

NOI = $6,592Property tax $200Insurance $300 (This is not an exact quote but from reading expecting $200 - $300 -- Trying to stay conservative)HOA $540 (Although there was no HOA actually listed I went with similar neighborhoods HOA fees.)Maintenace $1,200 (The home looks updated so wasn't really sure how to estimate this.)3.CAP = .104.Cash Flow = $3,773.32This is based on a $51,920 @ 30 years @ 3.56%5.Cash on Hand Return29%If these numbers are a good indication of what to expect how do I do that thing where I get in with no money down?

You are getting some GREAT info from Account Closed.Once you find a "farm area" to work, and follow his advice RE the Property Appraiser's site.There, you can locate homes done by investors.Once you locate them... two things...Do a search on the PA site using their name as the owner.If they are investors, it should produce a list of properties.Next... on the PA site, make noe of where the property tax bill gets sent.

I know people are concerned that property taxes will rise slightly, population growth etc.. but is that the sole reason for the high cap rate?

If you live in the house for 2 years, you will not have to pay any taxes on the profits.

A good realtor, a good tax advisor and a good attorney. 

I just did an MLO with similar circumstances, seller didn't want to trigger taxes and she had an amazing fixed rate mortgage for 12 more years that I wanted to leverage. 

I can't speak to the tax ramifications.

I just found them a good deal short sale hasn't been lived in about 6 years behind $1,000 in Hoa fees3bed 2bath 1,400 sqft all high end appliances  Purchase price $155,000 needs about $2500 of minor repairs Tax $3,100 yrHoa $6,300yrRents for $2000monthComps are about $209,000What do you think ?

It took us just about a year from start to finish.Our mortgage tax and insurance is 633 per mo.