But I usually heard this from people who had never owned a business before, didn’t have the cash to back up their plans, and often were planning to maintain full time jobs.My advice: Start with one business.

I am planning on doing a flip or a build in Phoenix in the next one to two years.

I would plan for having to put 20%+ down for most deals. 

This home has been highly operational with high rates of occupancy, bringing in anywhere from $500-$1500 a month in overage beyond our monthly expenses.

Cash out: $55,000All money out plus roughly $3,500 in pocket.... principal and interest $767/monthCash flow estimated at roughly: $200/monthMy plan would be to refi around year 4 or so before the adjustable rate kicks in.

But keep in mind room rental is a lot more management intensive so that is something you should budget for if you plan to hire a PM.

Since you estimate a resale value of $200-215K and renovation costs of $60-70K (although you said that's on the higher end), your margin is tight, especially considering closing costs, realtor fees, and unexpected expenses.

However, anything that impacts functionality like plumbing, HVAC, or safety issues should be handled before listing to avoid turning off potential renters/buyers.If you’re re planning to lease it, tenants will expect everything to be move-in ready before signing.

But ya have to make some educated prognostications in life.Add this to the information your processing - What your talking about doing is eliminating around $4000 or interest expense (which is deductible anyway so really could be a real impact of eliminating $2800 or so) of debt in exchange for paying over $10K in capital gains tax (don't forget possible state gains tax as well).  

You likely only made a down payment of 3-20% ....but you still get to write it off on the full value across 27.5 years.So 400k/27.5 = 14,000 ish a year of a write off where during the year you didn't need to incur an actual expense, no cash outflow.