We just finished our 2nd Flip in Clawson, MI and were very excited as this one went by way quicker.

They are on a month to month lease, so I figure that ending the lease will be quicker and hopefully less of a hassle, I am working with a lawyer.

He said this is quicker.

Buying is quicker, but you have less control.

Without a second thought, I did and he responded quicker than I expected, it was great!

As Mike highlighted, some items will wear out much quicker than your average long term rental and those need to be in your numbers also.  

I figure if I pick up just one per year, and use the cashflow to pay down the mortgage quicker, and refinance when I have a good equity position in them, I'll be in good shape.

The flipping rehab business certainly generates quicker cash.

I know how addicting it is analyzing everything that crosses my screen - Im teaching my wife how to look quicker at the MLS crap as I really don't have cycles to go through EVERY one that she sees (and most on the MLS are turds anyway).

From there it only snowballs much quicker