The 4 profit centers of REI are:1)Cash flow (which changes over time with rent increases and other expenses which may or may not grow at the same rates)2)Appreciation (both forced and market)3)Mortgage pay down (through loan amortization)4)Tax savingsThe best way to combine all of these things into a single analytical framework IMO is to project out the financials (including all of these items using estimates based on current actuals and long term historical trends) from the day of purchase on out to the exit (via sale or cash out refinance of your initial investment) and then compute IRR.

It's provides a nice conceptual and practical framework for determining the scheduling components of flips, including an optimal ordering of the work; factoring in and planning for dependencies (when the HVAC is getting upgraded, the electrical has to be on and often the gas, etc., so planning around those; with enough dependencies, it could be easy to overlook a few of them at first, although the example above may not be the best); an anticipated timeframe for each of various tasks (he divides the property into 25 very handy and well-organized components, and covers them one at a time as well as how to view it in the larger scope of a rehab), and more.

I think a lot of the potential mentors are new to the role and are looking for a framework to help them determine who a good mentee might be.

Take the above with a grain of salt and as a mental framework to consider, since I do not know your full situation, personality, or skill sets.

Find a mentor/community that has achieved what you want to achieve and learn their framework.  

Using that basic framework, this research checklist will help narrow things down:Job GrowthPopulation GrowthJob DiversityLandlord/Tenant LawsTaxesGeographical FeaturesCost of LivingLocal NewsLocal GovernmentWhether You Have an Unfair AdvantageYou’ll focus on finding a strong sponsor first.

, and is the new regulatory framework solving the problem that many say is to blame for the financial meltdown in 2008?

It's also important to include your CPA in these framework discussions.  

Scott's Book on Flipping  Houses discusses this in depth so it will definitely give you a framework.  

But its tough to step into a bathroom and a kitchen for less than $12K.Send me a dm if you have some specific questions, I think I can give you a basic framework on about what labor costs are going to run,