Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

Columbus is going to be more of an appreciation play and cash flow margins will be tighter in the beginning. 

When it was sold, we would get our profit.

The margins are tight which increases risk.

Thus it's often more profitable to find long-term tenant than squeezing out every rental dollar you can. - RentReady repairs & vacancies between tenants can blow any projected ROIs.2) Warren Buffet - go where others aren't.

The rates will be lower and will allow you to maximize profits.

Is the time spent learning real estate and finding deals more profitable elsewhere?

Even now there already starting to call out for private and non-profit sector to, yet again, clean up and solve everything Big Gov botched, yet again. 

.: I am trying to learn and understand... someone told me that its not just size of the home or level of the flip that determines profit, and that in some markets, what is considered a typical profit is 300k based on the 70% ARV formula.

Often times you will pay much more in taxes than if you pulled the money out, paid the taxes and penalty and then started investing in real estate.For example, with the financing you mentioned, the IRA must pay taxes on the portion of the profit earned by financing.