Is flipping a viable exit strategy?

[Samuel DeMass]

I'm traditionally a buy and hold investor.

I'm looking at a property that needs extensive rehab, but it will yield a couple hundred in cash flow for me with an acceptable cash on cash return.

The rehab, being so extensive, has me concerned that it may easily start running away from my budget.  It begs the question, what is my exit strategy?

Generally, I always envisioned renting the property to be the "Plan B" exit strategy for someone flipping a property that wouldn't sell.  However, it popped into my mind that I might be able to flip a intended rental house if the rehab costs got to the point that my cash on cash was too low, and be able to pull out the equity and move on.

Has anyone given this time for consideration?  What am I missing?