I worked them, remodeled them and made very little money and eventually sold them for little to no profit.

This is a net profit of ~~ $1300 monthly. 1300 monthly X 12 = $15,600 anuall cash flow15,600 cash flow/ $53,000 acquisition cost = 29.4% cash on cash return. 

You can make great profits flipping houses, but you can also lose a ton if you don't do it right.That said, I encourage you to be in touch with an investor friendly agent in Indy.

A low price is no guarantee of profits. 

Am I being dumb by NOT waiting, because it’s unlikely - I assume - my next deal will be as profitable (I got very lucky on this one!)

If she pays, then your really out of luck and you have to sue her in court for breaking the lease and damages.In general, I don't take people to court once I have the property back as the attorney fees and the fact you RARELY collect on any judgements (15% of the time or less) eats any profit and wastes your time.

Fast forward three years: He’s moved out, and the property now nets him close to $1,200 a month in profit after expenses.

Plus funding is readily available and deals need to mature a few years before profits emerge, so why would a turn key provider not just keep a good rental property.Our inventory is so low in Milwaukee, that sellers don't have a reason to give a discount. 

Especially if your profits are less than the Ex can prove she received.

However as you correctly point out this is far more risky and or its risk capital compared to buying a income property.. but the reward can be strati-spherically higher .. not just a little bit but it can be life changing profits on some of these deals.