If you want to learn more about the practice (and art) of safely and securely finding and funding a PML to see if it's for you, check out my book on BiggerPockets called Lend to Live: Earn Hassle-Free Passive Income in Real Estate with Private Money Lending. 

Labor must also be what market value is for the skills and expertise needed for the work being done.

This transaction showcased our effective renovation strategy and project management skills, resulting in a substantial profit.

Be patient, buy right, and leverage your skills to maximize forced appreciation and profits.

However there are always things to watch out for: Builders cannot build quick enough now (demand is too high), so a lot of them cut corners; if you have a highly skilled agent they can go to bat for you/keep an eye on the builder as you are out of state.

. :-)  Assuming you have your basic underwriting skills honed, and you find yourself with no plan, or a primary plan that doesn't work, here is what I would do:1. 

In my mind finding the deals is the most valuable skill for an REI.

No, the term of art is "cash out refi" because it matches a box on a form they have to fill out.

This turned out now to be a win-win as my unit is getting a new state of the art fire door.  

This transaction showcased our effective renovation strategy and project management skills, resulting in a substantial profit.