I spent a lot of time finding reasonable quotes, and it took a lot of effort.

3) How much time do you have to devote to managing, and would this time be better spent elsewhere?

And when you look back, you'll realize that you lost even more because of low rents, the amount of time and effort you spent dealing with them, and they are likely to leave you with more expenses once they finally get out.Save yourself the heartache.

Many (even experienced) General Contractors (who have lots of 'rehab' experience) will tell you they can do it, but I recommend workingwith a team / GC who has new construction experience specifically.We have spent the better part of the last 3 years designing and building single family homes and small multi-unit buildings (on spec) on the North and NW sides of Chicago. 

The time spent meeting pest inspectors, home inspectors, roof inspectors, HVAC guys, septic inspections, any contractors for work that needs done, photographers (paid by selling agent) signs and other marketing, Omissions and Errors insurance, MLS fees, NAR/CAR fees, car insurance, gas, only to have a deal fall apart over something.

Quote from @Manuel Llanas: Since i'm new myself, I can only mention some things that I have been watching and listening to.

Very little money need be spent to file a lawsuit and try to at least get a settlement offer.

@Michael Elefante you say in your post you spent a lot of time researching vacation rentals.

I personally spent 2 years bringing this cabin from 1970 to 2023 remodeling the entire property.

Not sure if I can log the entire week of time that I recently spent here managing the renovations or I should only log the time I’m actually up and working, removing the sleep time at night?