I believe the biggest arguments against Portsmouth are the high local taxes and of course the crime.

Highly doubtful.PS.

Can you please share what areas are the best to invest in in this current market of high interest rates and low inventory?

Hopefully, you can better time the market and sell high and buy low when you find a deal. 

Taking on a large first deal with no experience, no resources, no money : high risk for the lender.  

Bad for agents who make a killing selling high end homes.

I am a little concerned about the high property taxes in Texas.

Anything a carpenter can do is comparativley cheap to the above.It can be done if it is a great house in a high value location, but frankly probably more eonomical to tear down and build new.

The risk is high that they will be recategorized by the IRS upon audit or examination, which means that you've overcontributed to a retirement plan. 

I'd highly recommend local meetups and talking to real estate agents.There are companies that offer help with the execution of rentals and BRRRRs, but this typically comes with a large chunk of upfront fees or cut in equity.