A broker/property manager sent me a list of properties with cash flow information for each unit. They seem overpriced (one they had bought for 6k, rehabbed slightly, and selling me for 44k. However, these units seem t...

If I cannot break the lease because I want to sell or if property is sold, would it be wise to renew the lease for 6 months at a time?

While I was in business school many years ago, one of our teachers said something so wise it stuck with me since then; “Your business can only grow as large as the work you can handle”, or to modify what he said; once you run out of hours in the day your company will cease to grow.

First, what is your goal income wise?

I'm considering relocating and investing here & am curious what cities are looking the most promising, real estate wise.

And given that such a crash is a real possibility, then it might be wise for a Newbie to wait-n-watch for how things transpire in the housing market in the next few months, while looking for opportunities in buys, that might occur in such a possible crash.

Past that, cashout refi is also viable if you can afford the new payment AND will get those funds wisely invested. 

(after I get my $ out with interest) Wise words, Sue!

Just thinking that a 500sqft flip is relatively low risk, cost wise.

My vote is to continue doing what your father has done and use his advice wisely.