Lastly, if you don't need to "flip to eat" because you have a career path you're on, take your time.

Sure you could have great cash flow for several years, but one big capital expense would eat up many years of positive cash flow. 

So, you shift money in your operating accounts.Payoff the little old lady who is calling her attorney.Now the XYZ is about ready but you're short.Hey, you'll get all the money later, you have to pay your house payment and eat, continue operations with your investor parties or you'll die on the vine.Well, XYZ falls through, time to pay all the pipers.Wooops, and you say you're from the FBI, what is this all about?

@Kenneth LaVoie, over any extended period, of course capex will eat up some portion of your income - so likewise, SHOULD be anticipated in advance by apportioning it monthly - just like any other expense! 

So I would live, eat, and breathe real estate, and find a mentor where you can learn the ins and outs of this business.

If for some reason the rehab gets hung up and you can't get it rented right away, you have to be prepared to eat the monthly payments. 

Problem is, realtors commissions will eat up 6% ($17k) of that if I have a buying and selling agent.

So that's rugs,   I think eating wood is a bit harder for the mold, but you may have to replace studs too.  

Account Closed -- Definitely start analyzing every property you come across untill you start analyzing the restaurants that you're eating in!!

Unless you put a substantial amount down as an EMD, you have the option of canceling the contract and just eating the EMD loss.