Your income isn't high enough for it to make sense as a rental and the closer you get to your residence limit the greater pressure you will have to sell it before losing your exclusion in whole or part. 500k right now can make $15k per year income with zero maintenance or tenant risks. 

Sounds like this could possibly be a Schedule C activity so keep self employment tax in mind.

BRRR worked great pre COVID but only really cash flows now in high crime areas. 

I am self employed but want to build a spec home using the equity in my house as collateral.

But for the people who are motivated and want to get deals done and build the community and level up together, it can be a godsend. 

It can easily take 6+ months to find a motivated seller. - Just be prepared, because a motivated seller typically has a property with issues you need to be sure you can solve.

I HIGHLY suggest you connect with a local expert such as @Josh Green.

When you say you want to prioritize cash flow over equity, you want to watch out for people honing in on that and selling you "good cash flow" deals which will be in D neighborhoods and will come with high capital expenditures and harder tenancies.

i self manage 1 property that i used to live in and have PMs on the rest.i'm trying to BRRRR so that i can recoup all or most of my capital on each deal that i buy, and in 2024 i got outbid on 100% of what i went after.

I am currently self employed as a GC with my own company: Carolina Premier Homes.