While I will still lose money on it in the long run, I'm at least breaking even on it monthly and no longer have the headache of it. 

Glad you made your way here.. are you eyeing long-term rentals or short-term flips?

You can run out of capital quickly. 

In certain situations—especially with motivated sellers—this can be a way to structure a deal with little money down and flexible terms.

2) The minimum hours required are 750 hrs, but if running a short term rental, 100 hrs is supposed to be adequate, is that still true ?

I have run the numbers in the area and the property seems to cash flow if I charge at least $1200 per side.

There are some nice pockets in both Chandler and Gilbert that do well as short term rentals.

but keep in mind CA has higher taxes and reg fees and I’m not doing more than 1-2 flips (short timeframe flips)  a year and many years do 0 flipsDo most flippers put flips into LLC Or in personal name (sole proprietor)  in CA (where you must pay $800 yearly plus accounting and other fees $300to $600+ yearly to maintain LLC) Pros for personal name-save on taxes accounting.

Here are some tips.#2  MINDSET:  Just like some people will NEVER become real estate investors regardless of time, money, related profession, - MOST people will never become real estate investors.   

If you want higher growth then Cleveland and Dayton type markets with $100-150k prices may be better suited.I would encourage BRRRRs after your 1-2nd so you can recycle your money.