I'm a stucco contractor here in the Bay area and dont make too much money because of 15 employees, however I drive for Lyft a couple hours a day and believe it or not that got my my first rental last November.

Having a good team is important -- especially with lenders, title company and contractors. 

If the house has the right updates for electrical it is a very in demand area for Section 8 tenants as well.

You also have to consider the down time of not renting while you renovate and likely having to fly in several times to check on work, meed contractors, pick up supplies.

I wouldn't remove auto-pay on your utilities from your credit/debit card if you have them, don't want to miss your electric bill by accident but any daily/casual/somewhat necessary spending is cash.

In the 80's the electrical grid from Oregon to Mexico went down, and it was chaos for a few hours.

Another consideration, @Jay Hinrichs, is whether the electrical infrastructure at the property can handle it. 

They’ll help you identify properties with strong rental potential, offer access to a network of contractors and inspectors, and negotiate a deal that works for your goals.

Ive done all my research (plans, permits, contractors, etc) and feel like it's a no brainer and a fairly streamlined approval process in my area.

It is also a waste of resources, consuming space and massive electricity.