What to do with my first REI with 50k

[Amen R.]

Greetings BP Family,

I am new to REI.I am 29 years old, I will begin with that I am blessed to have a solid career earning 110k annually. I am not looking to change my career. I was also lucky enough to have bought my primary home in 2009 which eventually gained over 150k of equity over 5years. Last years I refinanced my home because my rate was a 5.2% I won't go into detail about how I was screwed with that but long story short I figured Ill refinance to a lower rate and when I was seen noticed I could take 50k out and still end paying less monthly on my mortgage I simply salivated at the idea.

So fast forward, I am currently sitting with 50k in which I am fortunate enough to use it all in REI. My risk factor I would say is, I guess, High! I know it may appear bad but this 50k I have totally in a separate account from all my savings etc I look at this 50k to be "House Money". So My wife and I have been doing research and research and developing a smart goal for our REI adventure and here it is

We currently live in Southern California- We are seeking to invest in Pittsburgh PA

Rationale for choosing out of region: California for us just seemed overwhelming and just well to damn expensive.Pittsburgh not only is more affordable with housing but My wife entire family lives out there, 2 trusted cousins are RE agents, and another cousin is a runs a contracting company. We have already discussed with all three about our potential investments.

Financing: We are really trying to find the best options. As of right now I have a california lender whose company has a license in Pittsburgh so we will be looking at a conventional loan. Well we are debating currently about my wife wants to find an ALL CASH property and I am for the conventional and use the rest of our cash for rehab etc. I have an additional 10k in my savings that I am willing to if needed to use. advice?

Manager of Property:Uncle  

Strategy: Flipping

Goal: Is for each flip to net 20-25k , our goal is to flip 10 houses in next 5 years We will be reinvesting 100% returns until we reach our goal.

Thoughts?