5 Year Plan- Advice Needed

[Jaren Woeppel]

I posted this in the beginners forum yesterday and it did not gain any traction. I am hoping this forum is the right place to go.

My wife and I have been saving up and educating ourself on real estate investing. Our goal is to have 7k in positive cash flow in 5 years. We both currently work full time, and we would like for her to not have to work anymore at the end of those 5 years.

The strategy we are looking to use is a mixture of 'flipping' and buy-and-hold. We will target properties to purchase listed in the 30k-60k range, with rehabs in the 10k-40k range, with ARV's in the 100k-150k range. We plan to buy one property at a time with cash, rehab with cash, then move a tenant in ASAP. Once we have that done, we would refinance the house, taking out how much cash we spent, and leaving the rest in as equity. Then repeat.

Do you guys/gals think this is a realistic strategy and we will be able to get to where we want to be in 5 years? Does anyone else use this strategy? What are the positives and negatives to investing like this?