My initial strategy will be flipping small, inexpensive single family homes.

It's inexpensive and easy to prove your case if you have before/after documented.

Im no help as I always pay private investors a set interest rate for a set time frame.

I have listed foreclosures in the past and typically there is a time frame that the personal property has to be kept, but only if it is over a certain dollar amount.

@Ben Leybovich should chime in shortly about 30k pigs...I personally own some inexpensive apartments, and the expenses are most definitely not 5% of gross revenue!

I love the house hack strategy and would love to implement it for my first deal but being as i am living in expensive San Diego it looks like the only way i would be able to use this stategy is to buy a 2/1 apt and rent out one bedroom through airbnb to help pay for the mortgage haha.

You can get some good items very inexpensively.

Is there a time frame to wait until you refi on that property??

Finding the right contractors to renovate at a reasonable price and time frame is another very important factor, as well.

depends on the time frame they give you to close.There are  programs that do not require an appraisal and can close in as little as 7 days from full submission.