You can flip anywhere that you can market to motivated sellers, and purchase properties at a discount compared to ARV.

Jose,While there are many different benchmarks to compare an investment to in order to gauge success (excluding subjective meanings of success), an easy comparison is one made against the stock market (i.e.

IRS Publication 590-B:  Inherited from someone other than spouse.If you inherit a traditional IRA from anyone other than your deceased spouse, you can't treat the inherited IRA as your own.

Non-Traditional Loans, Seller Financing for example.2.

[As a general rule-of-thumb, ex-primary homes reap very poor cash flow, compared to pure investment buys!

Get a few contractor estimates to get it up to market comps and compare what you could sell it for fixed up vs as is.

Also I think that it may allow us to aquire a larger quantity of traditional home loans since in the future my DTI will be much better ;) ...

And remember, since you are using leverage your return will be higher compared if you were using all cash purchase.

What success have others had when transitioning from a traditional 9 to 5 job to full time real estate investing? 

I haven't had the need to look at traditional SFR properties lately so I'm not sure what that market is looking like right now.