Has anyone here actually used it to successfully seek out any projects? 

Meet some investors that have actually done it, but get the knowledge!

There's a reason it's hard to get funding for this type of investment - the risk is huge.I know that's no answer to your actual question, but I definitely question your desire to do this.Good luck to you and please let us know how this turns out!

This will help you to be taken seriously and for them to actually add you to their buyers list.

Judging from the state of the property, and looking through windows, it doesn't seem that anyone has actually lived there for years.

One thing that I was not sure on was how to estimate the repair/rehab costs for the calculator without actually seeing the property.

I currently have a buyer under contract out in Oak Forest, near Garden Oaks & you can actually find a decent/ single family home in need of minor cosmetic repairs.

I hear so much talk about the potential for loans getting called due when they're transferred to LLC's, but have never actually heard of it happening. 

I was actually calling on expired listing.

Go to REIA's and MeetUps in your area and network, listen and learn from people that are actually doing the job in your local market.