I even had two people claim to be licensed in certain areas that in fact they were not and could not even pull a permit... not to mention they were not even properly credentialed for major things like electrical and plumbing. 

HVAC, electrical, major plumbing, etc.I know for a fact there are a lot of people not following the ARS on that. $1,000 doesn't get you very far these days.

As soon as you open up drywall, frame new walls, redo electrical or plumbing your timeline and budget explodes.A good flip follows the same sequence as new construction:1.)

The home has a newer roofer (7 years old), New Furnace (2 years old), Newer Windows, and New Electrical.

In previous transition times in history (the switch to steam, industrial revolution, electricity, Internet) humanity has adapted and new jobs were created.

Renovation PlanScope of Work:Convert 0.5 Bath to Full BathEstimated Cost: $7,500Details: Add shower or bathtub, update fixtures, ensure proper plumbing.Add Bedroom in BasementEstimated Cost: $15,000Details: Install egress window, insulate, add walls, flooring, and electrical work.Replace DeckEstimated Cost: $3,000Details: Replace existing 8'x10' deck with new one.General UpdatesEstimated Cost: $45,000Details: Update kitchen, bathrooms, flooring, paint, fixtures, and necessary repairs.Total Renovation Costs: $70,5004.

Learning the basics of electrical , plumbing , AC , painting etc will help you in this line of business which also save you a lot when you acquire your first home.This is how I got started , maintaining the rentals of my uncle  when I was your age. 

Quote from @Mitesh Patel: Hello,An emergency electrical issue affected the plumbing lines too, and I am quoted the below price for repairs. 

No changes to electric, plumbing, etc.

Let's say I come across a property  in Atlantic City, NJ with good bones (roof, plumbing, windows, electric, etc..), or even Turnkey!