Then - plan for capx like roofs, windows, driveways, siding, HVAC systems.  

http://www.har.com/content/newsroomHouston Real Estate Highlights in April Single-family home sales declined a fractional 0.6 percent compared to last April;On a year-to-date basis, single-family home sales are up 1.6 percent;Total property sales declined 2.0 percent to 7,583 units;Total dollar volume fell 1.6 percent to $2.01 billion;At $278,544, the single-family home average price was down 1.0 percent compared to last April;The single-family home median price rose 3.3 percent year-over-year to an all-time April high of $217,000;Single-family homes months of inventory climbed to a 3.6-months supply versus 2.9 months a year earlier;Townhome/condominium sales fell 12.6 percent with the average price up 4.1 percent to $206,832 and the median price up 7.3 percent to $153,450;Leases of single-family homes leapt 18.1 percent with rents up 2.6 percent to $1,811;Leases of townhomes/condominiums soared 26.0 percent with rents down 1.7 percent to $1,574.

Yes, the equity would help with the move, but we do have a small saving and good support system in place.

Who/what do you use for a system of checks and balances to make sure that your Manager is on top of renting/quick turns/collections?)

Have you spoken, with the current Management Company, to ascertain if there is any existing maintenance that have been deferred such as roof replacement, window replacement, major electrical and plumbing systems, etc.?

What defines a rental versus a flip property for you guys/gals?

I have access to off market deals and also use a system to track and purchase sitting MLS deals.

Here is the income now versus income over the next 7-10 years."

We have a number of clients that we have funded and continue to fund that uses the B.R.R.R.R (Buy, Rehab, Rent, Refinance, Repeat) system that Brandon Turner talks about all the time and like Eric said Brandon's book Low/No Money Down Investing is a great also.

Not only will you save money but you will gain an understanding of the work that goes into a flip so that as you develop your team and systems later, you'll know which jobs you'll want to keep doing (if any) and which parts you want to hire out.As an example, I typically do the initial clean out and removal of old light fixtures and appliances so I can get a good feel for what all the house needs.