Is it too risky for a newbie to do a rehab rental home?

[Michael Fung]

A run down house in a good neighborhood is for sale at $230K.  It has already been reduced by $20K, but I think the renovation costs will be quite substantial given the list of things that need to be replaced inside and outside.  My biggest concern is that it is still difficult to secure a contractor's time even as the market is cooling.  I am not in a hurry to jump in on this project, should I wait until later 2023 when contractors' availability become more assessable?