Purchase price: $115 Cash invested: $17,000 This is my first fix and flip.

Once the 1031 is complete the LLC dissolves and again the property is distributed to the former members, including the properties just purchased in the 1031 exchange (which each member probably picked out for themselves).This method solved the feared "held for investment" issue. 

There are other submarkets of Columbus like upper Arlington that have higher like $500 per square foot but the purchases are tear downs at $200 per square foot so the real exit is $300 or so.

Aim to increase your Operating Income by acquiring 3-4 units for the next purchase.

Curious thoughts on the following scenario.Current SFR with $51k loan at 8.125%, just purchased with around 10% built-in equity on the property, $250 monthly cashflow (post expenses).

I guess the idea is to use the equity from one property to purchase the second property, and so on.

As we all know, you are really paying for the commission in the purchase price. 

With a purchase price of $250k, your rent is WAY too low!

In my area specifically most investment type property listings are properties that were purchased 1 to 2 years ago.

The biggest determining factors for STRs in the area are purchase or build price (and associated mortgage) vs rental expectations, that will help you determine net cash flow.