Can I pay transfer taxes on the REAL price rather than the inflated sales figure?

Before you bail, figure out what that would cost.

I like the keywords such as TLC, Handyman, etc. going from the description, but I'm concerned that by going from the description alone I might miss some key deals, so I'm trying to figure out property criteria that would work as well.

@Scott Choppin provide good information for getting some rough costing information.

You might figure out a way for the current owner to get a piece of the pie as well.

I have estimates of the costs for architectural services and a ball park figures for the renovation costs, acquisition costs and a financial projection of the revenues and investor recompense. 

Really just trying to figure out all the due diligence I need to execute on each property before a purchase. 

@Basit Siddiqi gives you a good work sheet to figure out your true gain and tax.My thought is that simply selling and paying the tax because you want to move fast is short sighted. 

The house is in somewhat rough conditions to my standards but it has amazing potential.

So I figured, I'd get my first post done as well.