I would like to generate about 6000.00 to 8000.00 a month in positive cash flow.

In the Carolina's, I have found a beautiful micro-niche market for fix & flips that will generate $200K+ per flip. 

There is no need to wait to generate interest with local attorneys, mortgage brokers, contractors and anyone else associated with the business.

It really depends on the cashflow the property generates and what you can buy with the $500k and the cash that will generate.

I was able to buy and hold it for rental investment and have a positive cash flow generated monthly.

People that charge a flat rate of 10% are making a living but they're not building a business that generates profit or that they can sell in the future.

For example, if you don't pay yourself then the rental property will generate more net income (because it didn't pay the cash to you as an expense) which will be taxable to you (assuming your property depreciation doesn't eliminate that as taxable income). 

Cap rate will be determined by your purchase price and the NOI you anticipate generating. 

In my market, I worry that the older generation might complain if they can’t figure out the streaming services.

What's most interesting is wondering if there are $50,000 plots of land where you could build a 2/1 at under 1,000 Sq Ft for a better price than the cost of your rehab and generate an ARV of around $100,000 or even more.