If real estate fails, and I don't think it will because I'm off to a great start, I can always fall back on my education.

@Ryan McEniff based on my education and training when analyzing a deal I use the following for operating expenses: Check with the local area you are buying by asking the local experts, but as someone who is a real estate Broker in CA, our average closing costs on the buy side for a buyer will run between 2%-3% of sales price (most of that comes from lender origination fees). 10% vacancy (most deals I see when being offered for sale are between 5%-8%, but if it pencils with 10% I know I'm probably covered on vacancy)10% for property management (until I know exactly what the PM fee is then I would modify, but average is 8% to 10%)5% for R&MActual Property TaxesInsurance (Get quotes from 3 companies and take the average)Landlord Utilities (12 month average.

HelloI found BiggerPockets by chance and am very happy to have found this great source for education and networking. 

Quite frankly I lean more toward flipping because I enjoy the process of seeing something transform (though that may change when doing it for money) and also because of the potential for higher returns.

And I have phases were some bank and some don't buy a quarter later and the tides change and lists perform differently.

I have exclusively fix and flipped properties and I'm considering changing my strategy.

Taxes need to be reviewed and not an educated guess, or not what your friend pays for his house.

I'd be surprised if there weren't a "grandfather clause" allowing you to change your occupancy rules without evicting the existing tenant.

Preserve CapitalAs we move from 1 to 2 and 2 to 3 does it make sense that our strategies would change?

@Jane Dang I believe the property taxes change from year to year.