They want to know, what's it worth, what's it cash flow, do you have 30% down payment. 

I usually look at what other house in the area have and how much they are worth. 

I've driven for dollars, posted "We'll Buy Your House" ads on Craigslist and Facebook, mailed a list of people and only ran into a couple of people who wanted way more than their house is worth.

That 2 years was tough, but the struggle was well worth it!    

He's been here before...TX laws seem fairly landlord-friendly, or at least written with some common sense, so the best course of action is to have the owner sit down and write out absolutely everything he can remember.

If you are new at this it is worth the cost of paperwork rather then the expensive cost of a hard lesson learned and getting burned.

Its a LONG process but it will be TOTALLY worth it!  

I have rehabbed the unit with laminate/tile floors, new kitchen cabinets, etc... is it worth it to go to the next level with the rehab (crown moulding, custom shower, etc..) in this area?

Worth area.

If I remember right the taxes on Capitol gains is 25% on the first 40k.