i wish i had better news for you but it's probably not feasible in the short term to replace your W2 income with rental income. 

My strategy for the foreseeable future is 'buy and hold' with long-term tenants. 

To save those costs, you might want to stick to some year build and older, for example, if you cannot do inspections on the properties that you are buying due to off-market deals or something else that is hindering you (all sellers I buy from do not want anyone in the home till we close).

One thing to remember is the flipper will have $30k- $40k in financing during flip and closing costs to buy the home then another $25k when they selll so that will play into the numbers that need to be considered. 

Reinvest profits, stay patient, and keep building toward replacing your income.

When there is a sum of money in the bank, I’d rather buy another property than pay for fire damage, and I’m happier with the insurance coverage.  

I recently had to replace my HVAC system because it was red-tagged.

I was in a leased building, counting on a hand-shake deal to buy the property in the future.

Question is where are you looking to buy? 

I’m weighing two options for our housing situation and would greatly appreciate your advice, given the complexities involved.1.Renovate and Buy Another Property•Invest to renovate our current home adding a bedroom to the house given our family outgrew the house.