I've been messing around with the filters since my post and have whittled it down to 1,500 owner occupants that own their SFR free-and-clear.To answer your question - I will initially be wholesaling deals while I build up my cash reserves for flipping.

I've read that hand writing is best, red ink, yellow letters, hand stamped, and card envelopes as opposed to #10 letter.

You will build up a base of clients that keep on referring.

Great way to build up business contacts.Alex

You would be extremely lucky to get a loan that size for $2750 a month plus insurance, plus taxes.I would suggest1)  Get a cheaper rental.2)  Build up an emergency fund.3)  Pay off all high interest debt.4)  Save enough money for a down payment.5)  House hack a duplex or triplex.Once you have done all that, post about it here on bigger pockets and people will tell you what to do next.I hope this helps

It can be a good way to build up capital to get into flipping or buying long terms holds.You would learn more about putting deals together, and if you are able to find deals and sell to flippers, you can keep an eye on what they do with it.

Or build up cash flow to replace your current job?

The seller decided he wanted $100k over asking as we were about to ink the contract, after I had spent $1,000 or so in engineering making sure the changes were feasible.   

So, I plan to focus on improving my financial management and retiring debt first, and as I do that, read and very slowly start to build up a network in real estate investing through attending meetings of local real estate investor clubs in Northern Virginia and DC, interacting online here and other places, and maybe bird dog stuff in my area for investors to get comfortable with investing and build contacts ( think there is value in using bird dogging as the first step to building a foundation in investing, which is why I think the Vertucci people were wrong to tell me not to do it) and then move to the assignment of contract/paper flip/basic wholesaling stuff. 

Build up my investing team which i have already gotten a great head start because of this website2.)