But as I think about a fix and flip, beyond just swagging an ARV minus your purchase price and minus the rehab budget, I know that there is so much more to the equation to understand a true return, especially as it relates to putting your own cash into the deal.Thanks in advance!           

People don't need a house handed to them, they need to put a bit of sweat into getting it (and then make the mortgage payments such as they are) as well as being educated as how to take care of the home and budget. 

So, I would start with asking yourself a few questions:- What is my budget? 

Like many (most) businesses it requires an investment of capital; money expenditure for ongoing marketing; management of operating, marketing and professional personnel; keeping accounting records and filing tax returns; established sales practices; constant monitoring of goals, budgets, and productivity; establishment and implementation of operational systems; and providing customer service.  

If there is rot and its a more extensive of a job than merely replacing the window that will drive cost as well so you should seek a line item budget from the installers.  

There will be unexpected costs that come up, so make sure you give a little cushion in your budgeting for that. 5) Screening- Have a thorough and standardized screening process.

I am a licensed contractor, have a budget realtor I work with and I get my funding at 1pt and 5% and even with those advantages I am fixing, renting and refinancing because there just isn't enough profit in the fix and flip to make it worthwhile to sell.  

The only thing I would anticipate needing in terms of capital expenses in the next few years would be a new HVAC unit which is on the older side, but we have already budgeted for that and have a service contract with a company that manages our HVAC, water heater and oil tank.Am I crazy for thinking that a property management company would be an unnecessary expense in my case?

@Khayla WilliamsI strongly recommend against borrowing 100% for a propertyThere is significant risk in owning real estate including section 8 and maintaining the home in a certain condition and if you do t have the funds for those repairs you could lose it all.I always recommend people budget and save enough for a down payment and reserves before getting into their first property.

If your budget can accommodate up to $700,000, you can afford to be in the Austin city limits in some solid areas.