Jennifer, after contemplating RE investing for way too many years, I finally decided to get serious and start saving money. 

I contemplated being a realtor and I came across Rich Dad, Poor Dad which guided me to the sector of real estate that I was most interested in.

Contemplate reasons an owner would want to sell an income producing property, AND be willing to finance and wait for the full balance? 

And that is EXACTLY what you are contemplating--"looking to purchase my first home with INTENTIONS of flipping it". 

They were contemplating selling to me knowing I'm a real estate investor hoping that I could rent back to them for a lifetime lease while transferring ownership of the property to me, and I'd be responsible for taxes/insurance/remaining mortgage.I've done some research and it seems to be similar to a Home Reversion which is fairly common in European markets.

Our agent reacted very panicky and we are contemplating whether we reacted too quick.

I work construction so I am not afraid to get my hands dirty in these properties.I have been contemplating rentals out of state or local here in Salt Lake and for the most part I see high home values and low rents in my area.

I was contemplating a Cash out Refi to  A. lower interest rate 10 years ago was 4.75% (not planning to sell great cash flow) B.

I keep contemplating that strategy of staying employed and just passively investing.

I'm contemplating something similar.