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Light to moderate. 

If you’re okay with moderate negative cash flow as a "forced savings plan," that’s fine, but I’d advise setting clear boundaries on how much loss you’re comfortable with per year.

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If you only grab one a year...it won't take you long to have your moderate living expenses covered fully. 

In regards to capital I have options: FHA, private lender, tradiational, and I'm moderately liquid.

Develop a team with essential members, focus on moderate property prices and high demand, and start with cosmetic flips.

For my answer, I'll assume it took years to save up the $80k, income is "normal" (meaning you are not making $500k+/yr), and you are moderately risk adverse.If those are correct, then first off I would not spend all the money.

I expect it to be moderate size rehab which to me means no significant plumbing or electrical and no walls being added or removed.