According to my calculations, the CAP rate is more like 6.3% and that doesn't include more realistic vacancy, insurance and maintenance expenses.

This seems way way more realistic.

With this being said, I am having a hard time seeing a way in REI that I can pursue until I reach our ending destination (still TBD) where we will reside for 6 to 8 years.Is it realistic to put together a business plan and execute a deal (if there is one that surfaces) within six months and use one of the strategies that does not involve much investor time after the deal is done (wholesaling, Use a property manager, etc)?

Realistically you need enough cash to fund a deal in your area.

I would then jump into the podcasts to get a realistic view of how the industry works.

You can choose your path but must be realistic as to what the next step is.Success in any field requires multiple steps. 

What Lucas said has a good basis in the renter data (which is sobering) out in this study from last year on the financial state of renters in the US: http://www.finrafoundation.org/web/groups/foundati...Short answer: be rigorous but realistic

Be sure you can realistically project rent or resale figures. 

Do you have "realist" or some other tax program in your MLS?

I don't really pay attention to this one as its not realistic for my market.