Renovation - get a contractor or be my own?

[Matthew S.]

Hey folks, got a good deal on a house in a very hot neighborhood that is going up in value quickly. It needs at almost total renovation (siding, roof, and some floors are the only things that DON'T need major work right now). It's a little over 900 sq ft, so it's a reasonable size. I will be holding this house as a long-term rental.

I am brand new to doing this, and don't swing a hammer myself, so I'll be relying on hiring people. I have lots of friends in the business who are more than happy to refer me to people with good reputations, and I know how to get multiple bids on jobs.

The property is a mile from my house, so it would be easy to go over there multiple times a day when I need to. I am self-employed with a flexible schedule.

My first impulse was to get a contractor to oversee the whole project, but as I look at the numbers in would save me a ton of cash to oversee it myself. It's a little overwhelming since I'm new to this and have so much that needs to be done. At the same time, I have to learn somehow, as I'd like to grow my rental business in the future.

In the Good/Fast/Cheap equation, I don't need it Fast (not carrying a mortgage or construction loan, so taxes/insurance/lost rental income is the only downside of taking a long time), but I'd like it Good and Cheap.

Am I foolish for thinking I can oversee a project of this magnitude? What newbie resources would you point me to if I undertake this? If you did the same when you were starting out, what did you wish you would have known, and done differently? Thanks!