Would it make more sense to move the money we make from selling to a different property that could potentially increase our cash flow? 

Pick one with value add potential.  

Our vision was ambitious, and we were optimistic about the potential returns.

Then do a thorough research on tenant applicants (note: leaving this to a PM may be hazardous to your financial health) and choose the one that is most “stable” with the best potential for long term tenancy.This advice is contrary to maximization of rental income, but IMO will reduce expenses of tenant turnover, property damage, property management fees so much that the difference in bottom line income will be quite small.  

You may want to share you analysis with a few banks and/or property managers as they will typically weigh in on your assumptions if they are potentially interested in working with you. 

In the near future, we’ll be visiting The Shoals area in northern Alabama, where we’re considering a potential move this spring.

If not for you and you prefer the traditional route, I would explore potential "up and coming" markets such as Acworth, Cartersville, and Douglasville, where the price-to-rent ratio is a little more favorable, and growth is apparent.

Hey Makani, you should check out DSCR loans, which are primarily for investment properties and focus on the property’s income potential rather than your personal income.

Flipping, renting, or sitting tight for long-term appreciation-there is potential for anyone willing to do the work.

It is something I am interested in doing in the future, potentially even this year, but I am curious how to put concrete numbers to this decision.