Once the property is in service your rehab costs will be added to your cost basis. 

If I had to leave a takeaway from this post before getting too far in it would be that whatever goals are had you have, we have these goals for a reason and typically it does not go exactly as planned but even if it doesn't go as planned, we can pick up where we left off and give it a fresh start.

I intend to continue to scale a bit in this area, but eventually I'd like to either sell or hire someone to manage everything.

Welcome to BiggerPockets Douglas!

Cash on cash describes how much cash a rental property is putting in your pocket on an annual basis divided by the cash you took out of your pocket to buy it. 

However, I met with a local CPA today that I really liked.

So, your focus may need to pivot from high rental cash flow to little to no cash flow as a rental with an appreciation upside.I would recommend taking your $150K to $200K and securing a solid equity position in something that will cover its expenses and maybe provide a small cash flow, but then is poised to appreciate nicely over the course of the next several years. 

Quote from @Jake Rauch: Hi what tools, websites do you use to decide on market to invest in?

I think you forgot to include the question.

To pay for this, I used a heloc on my current home.