In addition, the 2,900 sqft home Capital expenditures is not included in your cashflow above, which I would figure once all said and done this property may not be as profitable as you're calculating. 

A brand new home will still have some maintenance costs of course, but the fact that everything is brand new should give you a great first 10 years of low expenditures.

Alternatively, waiting will erode rent potential and when you do have to have work done, the scope will be larger...doing the above will likely do enough to keep you competitive and avoid large capital expenditures all at once. 

If it's a ton of cash expenditures and starts to look like potential fraud, then you're probably not fine.

How would a pm be able to survive on that for that period of time.Mel,As a pm, you should expect to be kept in the know of material expenditures, tenant issues, and to have calls /messages always returned in a time frame agreed upon by both parties.

Sounds like you don’t have a lot of room for mistakes currently and the first few flips, unexpected expenditures will definitely arise.

No large capital expenditures in the first few years is nice.

I also will have to purchase appliances and some other touch-up items, so I am likely looking at another $10,000 or so in cash expenditures that I will be making after all is said and done.

Basically like buying  a 2million dollar CD that yields 5% and has a ton of liability and headaches...These "safe" investments will be run down ghetto dumps in 15 years as they lack the income to handle needed capital expenditures.  

They take ongoing repairs at a high level, a significant up-front capital expenditure to harden them, or both.In my area (rural New Hampshire) $27 for a decent carpenter is cheap, and $23 for a painter is above average.