I grew up in CA and decided to move and invest in Reno, NV because of it's proximity to CA and Lake Tahoe, job growth/population growth market dynamics, taxes do not reassess on the sale, no state income tax, much more landlord friendly, etc. 

I've found luck using actual tax returns as my income instead of talking about rents or how I rent it out.

Are you prepared for vacancy loss, taxes and insurance to go up next year, etc? 

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Insurance and Taxes - This will go along with budget and timeline but is important to note that you're going to pay this for the time you hold. 

He probably would have gone for it because he says he paid almost 6 figures in taxes on it. 

@Brandon Curry The first thing I would do is check the tax rate. $900 is a pretty big jump.

So e plan is to lose 30-50% of the money in taxes and penalties the day you take the money out?

What's the ideal business structure in Texas for sole-owner, flipping business that offers anonymity, tax efficiency and asset protection?

This is necessary to be able to garnish tax refunds in the event that you have to evict and get a judgement for non payment of rent.