Thanks to you and kleinbl00 for weighing in. I have never watched any of those home improvement shows, that's certainly not my motivation. My motivation would be to see how I can make my money make me more money. The arithmetic could make sense, all the fixed costs are known. It's the unknown and variable costs that worry me. I have no intention of sweating. IF I were to do this I would use contractor for the entire renovation, even painting. Frankly, I just don't have time. Also, like KB suggested, the opportunity cost of my time is greater than what it would cost to pay a painter. Etc.

What I am considering is to start really small. Buy a $50,000 house put 10,000 into it and see if we can squeeze out 80 or 90. Even if I ended up breaking even, I would count it a success. The first house would be all about learning. Then, if I like the process and if it did make money, I could repeat it.

It's always fun to try new things. But, myself and my wife are stretched pretty thin on time. However, my partner's wife, a former real estate agent, isn't working and could probably handle much of the logistics. Literally, we would just be capital.

I am cautiously considering.