Robert Kiyosaki makes excellent distinction between investments and liabilities.  

Both of us have excellent credit (mine in 750+, his is 790+) As of now we have $150,000+ cash available + equity.

Look anywhere on the new Rt 99 (Grand Parkway) between Katy and The Woodlands and you will see great appreciation for the next 5-10 years.Rent to value ratios are excellent ($150,000 property will rent for $1,500).Lots of Sawx and Patriots fans here too.

I will keep looking for and analyzing deals, but nothing that requires a lot of time input running/managing something, just things where I can sit back with my computer and excel and quickbooks. 

You won't have to exit an excellent property. 

I think you've done an excellent job of laying out cash flow and then calculating your actual taxable income.  

Does anyone have links to (free) great ROI formulas, excel spreadsheets, or calculation sites?

It is excellent.

The neighborhood house with excellent or very good condition was sold with price 110-150K, with average DOM 2 months. 

They want to see that you have your priorities in order, meaning your child and family comes first before everything else and that if real estate investment is your calling, you're passionate about it- probably that the few hours of free time you (like any new parent) have each day, are spent developing excellence and experience and education around real estate investing, not in tv or the other trivial things that so many of us pursue each day.So I would suggest you get stable income, then begin pursuing your real estate license, then educate yourself on investing and get all the experience you can.