The quicker the exit the higher the IRR the longer you hold the lower the IRR unless you generate even more growth exponentially but that’s not the norm.

If the deal will generate a substantial profit go ahead and flip it.

For Lists and List Generation ?

It will generate about 150 in cash flow.  

Should you do an equity play and hold the investment longer because of the cash flow it generates in the current market?

In my personal opinion, I would be shocked to see it turn in our lifetime, but in fairness, I'm sure the generation before us said the same thing about Franklinton lol.

I have a full-time job and my short-term goal is to get my feet wet and have a property that generates cash flow of roughly $800/month, on average, after expenses.

My goal is to invest in a property that will generate roughly $300/ month in cash flow within the first year. currently saving capital for when I do make the first purchase, I am about 5K away from hitting the 3.5% down on an FHA property in NYC, Since I live in a very expensive market (NYC) it is challenging finding a property that will generate any cash flow at all. 

I have a property that cashflows negative $800/mo but it still generates $800/mo income (the loan is paid down $2000/mo and there’s a $400/mo Hoa.) because of depreciation the income is tax free, once it’s paid off it will cashflow $2200/mo.

I don't know what the misc expense is, but even adding that back I doubt that would even be what a high interest account generates.