Turnkey rehabbing

[John Public]

I generally run under the assumption that most investors here (those that do rehabs)... either do the rehab entirely or partly themselves to save on cost, or do the deal finding themselves, so as to save on wholesalers assignment fee and thus allow themselves room for profit. But has anyone here done (or currently do) this before:

Bought a house from a wholesaler.
Paid a general contractor to deal with the rehab for you.
Sold it for an "acceptable" profit.

I am interested to know how viable this seemingly turnkey "hands off" strategy would be for someone who has a full-time job with no immediate plans to quit that job in the foreseeable future. And of course the idea of an "acceptable" profit would differ from person to person. And also just how turnkey and hands off this really is.

I'm sure as in everything in life there are hidden hassles with this, some of which the end profit (if there is any) would make worthwhile, and some that make it too much work for too little gain. I'm interested to know others thoughts and especially experiences with trying this or something similar out. Also what kind of profits are you seeing and how long does it take to realize those profits. After all profit isn't just a function of how much but how quickly you achieve it.