(after I deduct all the labor/material costs). 

@Joe S. check out Virtuance.com

The vacation side is more of a business and requires a lot more work but the affordable housing side is less labor intensive. 

And the hardest part of all this is finding sufficient labor to rehab/manage the property.

. $50k sounds like a lot to you but with the price of materials and of qualified labor, it does not go too far.

Quote from @Ryan Cousins: Quote from @Joe Villeneuve: None of what you mentioned answers your question. 

all materials, all labor costs to others, Not you, utilities, interest payments, permits, licenses, auto/truck expenses, tools needed are all deductable. 

@Jesse LeBlanc @Joe Davis A LOT of marketing & referrals. 

I've seen estimates of $200 to $400 per square foot for SoCal with $700 sq ft for something higher end and building up a hill and but possibly higher for San Francisco Bay Area (lhigher labor costs, etc.).  

I would particularly love to help someone within the Atlanta area with a fixer-upper by providing some physical labor.