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?

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.