Read up on equity harvesting here and elsewhere, but yes you get the general idea in your last paragraph - cash out, let the PMs deal with the properties, rinse and repeat every 15 (or 20, or 30) years.

Are there any contingencies or reserves for unexpected costs?

You will learn a lot by doing this.They are probably going to take measurements for flooring and drywall, count any doors that need replaced, look at what appliances need replaced, outlets, fixtures, countertops, etc.

Making a larger down payment can improve your loan terms, but keeping some cash reserves is also crucial for unexpected expenses and future investments.

All around Jackson, Conway and North Conway you can find some great SFR's, Townhomes, and smaller cottages that get a lot of traffic 365.You have 5 main Mountains to Ski/Snowboard/Tube plus lodges all in that area as well as a great off the beaten path town filled with coffee shops, Bars, Restaurants, Ski shops, Outlets, Mall, and a  Main train station that goes all the way up into the White Mountains. 

It’s a 2006 home so no crazy unexpected issues.  

Since it is your first deal, some things to consider before acquiring would be:- Have you underwrote to account for unexpected expenses?

Keep them updated on the project's progress, especially if you encounter any unexpected issues or delays.- Consider using hard money loans as a bridge to longer-term financing if you're planning to keep the property as a rental.

It simply takes more knowledge to be able to consistently have positive outcomes flipping homes, and buying a property that has unexpected expenses can quickly tank a project. 

I went to this "Remodelers Outlet" store in Fall River MA, and they offer cabinets from a brand called Wolf.