Don't be so quick to indebt your paid off townhome until your learn creative financing and review all your options.

The cash flow of $304/month is reasonable, but make sure to include a buffer for unexpected maintenance or repairs, even with a full gut rehab.

I'm sure you have a great read on your local market but I'd recommend refraining from pretending to be an expert on a market you clearly know little about.Good luck!

What I would like to are some reading recommendations for learning the meat and potatoes on the processes of completing rehabs, and the processes of working with contractors?

Currently in the learning and forming phase :).

A great place to learn and research.

One of the things I learned early is that the margins on a deal need to be substantial. 

You need to make sure the “marketing” is in the posting, description, furnishings, amenities, and photos to attract your target audience.

I will be sure to increase my rice in the future!

Focus on Education and NetworkingBuild your knowledge: Continue learning about different real estate investing strategies and market trends to make informed decisions.Connect with other investors: Network with experienced investors in your area to gain insights and potentially find partnership opportunities.