Rent my house as is, Refinance and then Rent or Sell?

[Peter Pockets]

What to do with my house?

I have done some research and I should be able to rent my townhouse for $1000-$1100 a month.  At this time my mortgage is $530/month with just over 10 years remaining.  I could refinance the $50,000 or so remaining and bring that down to about $230/month.

Currently: Mortgage $530 / Taxes and Insurance $150 and HOA $110: Total $790

Refinanced: Mortgage $230 / Taxes and Insurance $150 and HOA $110: Total $490

As is if I rented for $1000/month I would have a cash flow of $210/month and the house would be paid off in just over 10 years.  Refinanced I would have a cash flow of $510/month but the house would be paid off in 30 years.

I have $45,000 in savings and the $510 a month cash flow would pay my half of the rent (living rent free) moving in with a friend while taking the $45,000 and trying to start with a small flip.

OR

Sell my house outright, take the profit from the house ($55,000-$65,000), add it to my savings of $45,000 (total $100,000-$110,000) and do two small flips.  Hoping to make $10,000-$15,000 per flip, reinvesting the profits and continue with a few small flips a year for a couple of years.

Any advise...?