I know absolutely nothing about renovations. What should I know?

[Jared G.]

I have no problem admitting that I don't know squat about renovating or rehabbing a house. I had always thought those kinds of topics were for more "advanced" investors or actual hobbyists rather than beginners. However, as I read and listen to more, I keep finding stories of people who casually talk about redoing entire kitchens, knocking down walls, landscaping, completely renovating bathrooms, etc. The way they talk about it makes it seem like these things are integral and obvious to owning property. Or, if not that, that they are necessary for finding great deals that other people "don't see." I also find some property listings that would be good deals except that they need "$30,000 worth of rehab" (just an example). But I don't know what that means, specifically. (Would I simply pay for already-established needs or would I have to figure out those needs myself?)

For some reason, the beginner material here seems to approach renovations as something everyone is already familiar with. What about for a potential investor who has never done more than change a light bulb? 

What is the average investor supposed to know about renovations? How much of all of this is necessary that I direct myself, rather than hire out to someone else? Do I have to have "taste" for what the inside of a house should look like? I am intimidated, because all of that specific house knowledge seems like a completely separate field of study in itself, whereas I'm only just getting acquainted with the math side of it. Coming from me, this seems like months' more of study in an already complicated business. I know nothing about materials or hardware.

Should I just not even consider properties that need renovation in this case? I don't want to let deals slip by just because I'm not handy with tools or construction, but then again, I really don't know how much one should know.