My one year plan- good or bad?

[Jennifer Burgess]

My husband and I are in the DFW area, (Little Elm to be exact) and we are saving about $2,000 a month and currently have $10,000 in savings. We recently bought a home- right before we decided we wanted to get into REI. Originally we had thought by this time next year we wanted to have our first rental property, but the thought of only maybe being able to purchase one property a year discourages me, and so we are thinking of buying a flip in the next year instead.

My thoughts are: Use our own money to put 20% down on a flip, and either finance the rehab from a line of credit on our own home (we put 20% down when we purchased in February) or borrow the money from my parents. When we sell the flip, use the money we put into it that we get back out to purchase another flip, and use the profit to purchase a buy and hold and sort of repeat the process.

We are taking this year to learn as much as we can, and save up (we are trying to live off of one income and save the other) and then dive in next year. Our end goal would be to live off of rental income, and not be flippers, but I think that doing some flips will get us the capitol we need to fund our rentals, as well as the amount of knowledge we would gain from it. 

For our first deal we would be looking for a purchase price of 100-150k in the DFW area. We would do some of the cosmetic rehab ourselves, and contract out things that are out of our expertise.

Do you think we are living in lala land? Or are headed in the right direction? Would love any feedback, good or bad.