Identifying the right market can make a huge difference in the success of this strategy.Curious to hear...are you planning to manage the property yourself, or are you considering hiring someone local? 

Our problem is, we have identified a property to buy but we are right in the middle of construction on our new home and our lender has told us not to finance anything else until construction is completed.

You can read more about it here: https://www.bridgemi.com/business-watch/what-michigan-can-le....Regardless of which market you choose to invest in, it's important to understand the area well and identify neighborhoods on the rise.

Cash invested: $40,000 Sale price: $205,000 Strategic Market Pivot: From Long-Term Rental to High-Yield Fix and FlipThis property was strategically transitioned from a single-family long-term rental (LTR) into a fix-and-flip project after analyzing market trends and identifying a pivot that would yield better long-term returns.

If you want more cash flow and want to walk away with more of the 80%, perhaps identify another market and do a 1031 exchange so as to not pay capital gains taxes.  

They researched the title and identified issues.

We are having a hard time coming to a consensus of how to identify, underwrite, and basically take the jump. ( we don't want to screw it up lol) I've searched this topic on the forums but figured someone could give some insights given our situation.

I recommend you get a pre-analysis on the tax benefits available to you on a particular property either as soon as you identify a property or once you have closed on it.

You need to identify which strategy you like best before jumping in and get extremely familiar with the process of underwriting deals.

It looks like Privy is a great tool for identifying investment properties by using up to date MLS data.