Noob questions are fine, I'd recommend finding the right home, taxes do play a role but shouldn't be a major deterrence.

Thank you @Shawn Michalek and @Anthony Thompson, this is great information.I think this one might be out of our depth, we are relatively new and do not have a lot of $$ to play with in regards to the possibility of rewiring if that is what was needed. 

I was under the impression that when you paid to play you were allowed to self promote.

Even if the seller accepted an offer of 135k, the bank would still need to approve it ... so, if you want to play that game and the ask price works for you, then tie the property up at 135k and wait for the bank to counter with what they would actually accept, which is likely closer to retail comps ... put in your offer expecting this to happen, and it may takes months before they get back to you and it could be at a crazy high price so don't stop your search in the meantime, at that point your offer will have expired so you could accept their price, continue to negotiate with the bank, or walk away. 

ARMs played a big part of the Financial Meltdown in 2008 but still have good use as they provide for better cash flow.

If so, LLC is probably not a realistic option unless you want to risk playing with due-on-sale clause.  

I have played around with the house flipping calculator using the recent sales in my specific neighborhood for ARV.  

Just out of curiosity, how could things play out if there were two offers with escalation clauses submitted?

Property 1 has a sign in front: you call, leave a message for the agent to call back (assuming they even call back) and then you play phone tag until you eventually schedule to see the property next Tuesday.My property is next door where the prospect drives y, sees my sign, pulls in the driveway, they can call 24/7 to get info on the property, get a text with all the info about the unit, how to apply and a link to schedule a viewing right then.

Cash or not may not play a role here.