It has been a great an profitable ride. 

If this is a $400k home, you have to make a lot more than $20k/yr in profit/cashflow.  

Why I would agree, it would be ideal to start one ourself but to be profitable at PM it seems to be a numbers game.

High occupancy rates can indicate a profitable rental market.Seasonality: Analyze seasonal trends to understand peak times and adjust your pricing strategy accordingly.3.

Some portfolio or private lenders may waive this rule, so it’s worth exploring.While waiting for the 6 months, finalize renovations, stabilize the property with tenants, and ensure all paperwork (leases, receipts) is organized.

Of course markets change and the chances of a profitable flip have changed as well.

Does anyone have any excel/spreadsheet templates they use for organization and having a place where you store that budgeting and timeline information?

If investors attempt to streamline their services, it can lead to a more organized approach to property management, lowers the risk of gaps in insurance coverage or missed tax benefits as well as simplifies communication and reduces confusion.

However, as @Chad Hale mentioned, only if you can afford it - meaning both financially and mentally (e.g. how stable are both of your jobs, how long will it take you or your husband to find a replacement job, how much you have in reserves, and whether you guys are in a position to withstand that mental stress, etc.)When you mention 8k monthly, I am assuming that's net profit?

Everything is profit after that (sort of).