That is the level I am aiming for but I know it will take years to get to that point.

They don't know your expert or novice level so break things down for both that level.    I

This also accounts for the outliers of temporary 50% vacancies and still flow cash to an acceptable level.  I

I want to rent the 'top' level.  I

On a personal level I am a Christian.  

Welcome to the BP family; I would attend some local real estate meetings and learn the lay of the land; not knowing your competence level I would make sure you have a good inspector available to give you a qualified opinion on any properties you might be interested in; I would line up my contractors and get their opinion on any property you might have interest in; get numbers on what it will cost you to bring the property up to a standard that you could flip it quickly; work out your carrying costs and see if it makes financial sence; look into the materials that are availabe (forms) for cost controls and inspections. 

Assuming they can do all of those things at or above the level I could.Several people mentioned getting a lending attorney involved.

Yes, the level is higher, but this step is necessary for a proper installation.Normally, one would tile up to the cabinet and then install shoeboard trim. 

Does anyone know a good home buying technique based on my equity level? I

You may have several "practice runs" where you put something under contract, get it inspected and assessed for improvements and cash flow several times before you actually learn what your comfort level and skill level is assuming all this risk.