Basic standards will also likely be enforced for kitchens and baths functioning. 

The standard formula for flip is :Purchase price = (70% ARV) - Rehab costNot sure if this place needs rehab to get the full ARV but most do.

The Schedule E forms for your taxes allow you to deduct depreciation.  

Once fixed up, just do a standard fixed-term refinance on the property.

(After you deduct the down payment) it has a GRM of 67.575 and that's assuming you can easily get what the comparables get in the area for rent.  

We're now closing in our next purchase, although I feel like I want and need to learn a lot more about creative financing & getting investors because at some point we won't be able to continue making purchases with standard mortgages using our own out of pocket dollars!

Houses are affordable by investor standards and people are moving there to be close to Austin.  

5.625 2014, when the ten year was shooting towards 3 percent.Pretty low by historical standards.

Don't fix it up to the standard you would want for your own residence. 

I don't see any reason why you wouldn't just fill out a standard (for your area) purchase agreement and take that to a title company and ask for a closing.