However, after accounting for long-term capital gains tax and other expenses, you would be left with $150k which is important to budget and account for.

Research market rents, carefully calculate expenses, and ensure you have a solid lease agreement.

My wife and I have overhauled our personal budget to reflect the 'pay yourself first' approach (allocate in order: income comes in -> invest -> donate -> fixed expenses -> variable expenses -> fun $$).We are looking to see what experienced people generally recommend for a holding tank for that 'invest' allocation while we target our first real estate deal.What financial vehicles have you guys used that works well for this?

However, it was a blessing in disguise because I have learned what NOT to do and have worked hard at establishing what they offered on my own with my own VA's and it has been less expensive and more profitable.

With the fires in CA, you can expect materials and contractors to become even more expensive. 

Is anyone flipping in a market where this is "average"? 

You have used home equity lines of credit to purchase investment rentals and want to know the best way to pay down the HELOCs.Between the two properties you bought, after expenses, you have $250 a month positive cashflow to use.What I like to do is pay down some principal every month with my positive cashflow.I use my extra active income from real estate commissions helping other investors to pay down the principal even more which just frees up that credit for me to use again.I know I can refinance the HELOC debt before it changes to principal and interest as it is just interest only payments as yours are.One difference is the cashflow, I have greater positive cashflow and could make the principal and interest payment in the future with the extra cashflow I already enjoy.I always get HELOCs on my income properties as well after purchasing them to pull out as much of my downpayment as possible.

I look at average length of time for bookings by season and try to stay within that space.  

It seems like the shortest path to cash-flow with the less out of pocket expense. 

I know of other softwares, like Baselane that handle income and expenses all in one place.