I was surprised how many investors are banking on rapid price appreciation though.  

@Joe Mahavuthivanij I have 5 units now, manage 11 but am rapidly growly.

I saw a lot of people who were looking at taking losses or just breaking even on their slow flips get saved by that rapid come up in prices that boosted your profits. 2.5 years process though, that would drive me nuts.

I live in NYC (hoping to leave within the next 1.5yrs) but want to start flipping projects in either Philadelphia or Grand Rapids, MI area.

All - thank you so much for the rapid responses.

We have enough of those) Grand Rapids is a great place to grow and invest in.

My thought was that increasing cash flow in the growth stage of a portfolio would allow for a more rapid growth.

I suspect the comps are rapidly improving in this neighborhood as the foreclosure sales dry up.

I also considered the rapid inquiries I received from craigslist in response to my rental posting.

It's a growing market, and the Texas population is expanding rapidly.