The fed's raising of short term interest rates only has an (arguably slow) indirect effect on mortgage rates.

More than likely it will be done by tomorrow night.My job really limits me on what I can do since the internet connections are usually slow and lagging and phone time is limited out of courtesy of everyone else out here wanting to call there families. 

With that said I want to get all my ducks in a row to take advantage when the housing market slows down.

We think demand and the increase in housing prices is going to slow (perhaps its why we are selling an option), so we figure the house may only be worth $108K in two years ... and we decide to set our option premium to be $2500.00.If our predictions are close, then in January 2018, the house is worth $108K, the option holder exercises his option and purchases the house for $105K ... plus his option premium for a total of $107.5K and everyone is happy.  

This can really slow down renovations, especially since I have a full time job.

I am seeing the market begin to slow from job loss due to falling oil prices. 

It may "slow you down" in the beginning but losing your flipping capital on your first flip will surely slow you down much more.

Memphis is a slow steady cash flow market.  

If your credit score is still mending and your home’s value has been slow to rise, sticking with an FHA refinance may work best for you. if your home has gained value in the past few years of the housing rebound, you may be able to forgo future mortgage insurance payments.

I would caution you to be careful with 300k, take it slow.