I’ve been researching about BRRR and rental properties in general, and looks like in my area (Acworth, GA) single family homes that are being listed in the price range I can afford (175-220k) have a rental price of ar...

Many people overlook worst case scenarios.

Hallway was sloped 2" from side to side so there was definitely structure or foundation issues, all the tenants smoked so saying there was a lingering smell of smoke is beyond an understatement, walls were literally orange and caked with cigarette smoke as was the soffit outside two windows, multiple broken windows, peeling paint, doors stuck shut from wear and tear, broken front doors, and the worst part was every tenant knew his name and addressed him as if they were old pals (big problem).

Mortgage debt is actually less "scary" than student loans because it can be wiped out (in a worst case scenario).

Sounds like your worst case is that the 2nd appraisal comes in higher then you have to pay the higher amount but no higher than your already agreed upon price. 

"The only way to make a Business is with a Partner and the worst kind of Business to get into is with a Partner."

My goal is to achieve at least a 25% cash on cash return on flips over a 6-month period or in the worst case convert the purchase into a buy and hold investment to earn at least a 10% annual cash on cash ROI after taxes.For me cash is king and I want to grow my cash as quickly as possible while managing and shifting risk.

The unit smelled worst than most toilets, the carpets were ruined, the bath vanity destroyed, shower door towel bar was missing, shed floor had been thrashed.

You might be assuming the worst, when in reality it's not really that much of a tax burden.

If that's the worst your credit score will ever be you're still in the top percentile nationally.    785 vs 840 gets you ZERO perks or points.