The bank notes with friends and family range from 8-10% annual payout.The community has 5 tenants, 4 TOH (tenant owned homes) paying $325 per month, and a house $500 per month.

Would it be consider as an appreciation market yet or just more like cash flow type of deal (since housing price is still fairly affordable)?

You can absolutely make rhe time limit what ever buyer and seller are comfortable with.If your trying to convince a seller to give you seller financing while you flip the house a shorter time may be more convincing than a longer one.You could also offer some of the profits from the flip to help seal the deal.

With that in mind, here would be my priority order based on what you have written:1) Have all the houses inspected so you know about major deferred maintenance. 2) Pay for an appraisal on all homes so you know if you are getting a good deal. 

Please come back and post a follow up, even fi you wind up losing money on the transaction, because it is a good opportunity for new people to learn how difficult flipping a house and turning a profit can be.

Not all houses will cash flow or have numbers that work. 

You and or your crew empty the house as quick as possible .

I am new to this but I really need to start investing into my future and single family house for us isn't doing it. 

Sedona is saturated, but i dont see that many houses for sale, maybe the returns are still good? 

I'm currently helping two clients find a starter house in Bergen County for the same price $500k-$640k Max.