I think you are on the right track with your thought process.

Once I more substantial track record I'll move to 1/3 and eventually 1/2. 

Just make sure you are able to maintain following up with these people and have some sort of tracking system in place (even if that is just an excel doc for the moment).

I use a spreadsheet for my wife's LLC to track her business expenses and income but I'm wondering if anyone has a basic spreadsheet they use for their rental properties that they're willing to share?

.- Accountability - How are your numbers going to be tracked and who will be tracking them?

Let’s say I want to call my firm Blue Estate.However, how do I start and build a track record.

Tax assessed value does not track well with actual value of the home. 

These software will also set you back at least $200 per month.Gantt SchedulingTeamGantt/Gantter/MS Project - Gantt Scheduling Softwares for creating Gantt Charts & Timelines, & managing tasks.Customizable Business/Task ManagementPodio - Customizable system that allows you to build workflows, track tasks, etc.Smartsheet/AirTable - Provide spreadsheet style platforms with additional functionalities for uploading documents/images, assigning tasks, calendar, images, etc...Microsoft Excel/Google Sheets

As our portfolio grew, we decided to just incorporate the address number or street name in the LLC name to make it easier to track. 

Personally, I think it would be a disaster to quit your job until you have a proven track record of success and income stream from flipping.