More cons with rehab projects? Where are the Pros??

[Richard Wilson]

The current climate in RE seems to host a bunch of uncertainty, but it also looks to present a huge opportunity to enter the market.  I am excited at the opportunity with purchasing a rehab project, and turning it into something I can sell/rent or even live in with my family for a few years.  I am just confused, and have been for over a year or so, while browsing through discussions, the whole "leave rehabs for the experts" notion - it seems to be so common on here.  On one hand there isn't any equity to be had buy purchasing turnkey (unless that is the business you are in), and if you rehab, it can be even more costly if you don't know what you are doing.  

Am I wrong in thinking that everyone had a first experience, or is that naive of me?  I have read and heard the horror stories though, contractors not completing work, and other avenues leading to losses, but I guess I struggle with the question of "how can I avoid some of these major disasters"?  

My first REI will also be my first home purchase in general. I have too many questions to fit into one post. I definitely intend on purchasing something this year, but not turnkey. I would be interested in hearing any advice or story sharing - everything from how accurate were you the first time you calculated a rehab, or the accuracy the first time you calculated estimated cash flow. I'd even love to hear the process and timeline for a renovation loan. I am all ears. If you check my previous post from about a year ago, I had the cash then, but left it in securities. I did liquidate enough to purchase a home cash earlier this year, and unknowingly, before COVID-19 became a global threat. I am now against purchasing cash, as I have the possibility of purchasing/rehab two properties 2020 into 2021.

Please share any thoughts and thank you in advance!  I hope you all a happy and safe one, family and health first.  Can't take money with you when you go.