The local banks had no clue and wanted a Tax ID number and had never seen a land trust agreement.

The cash flow is great, and the taxes are low.

Regarding taxes It probably wont make much difference.

After that I moved to Jacksonville where I have been successfully working as a Tax Accountant. 

The assessment says the lot is retailed at roughly $30k (with a tax value of about $7k).

The assessment says the lot is retailed at roughly $30k (with a tax value of about $7k).

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?