(Would have probably made more money buying a decent SFR.)I can't really comment on the value, but here are the things I would look for from a management perspective.  

It makes perfect sense to me but I mean from a legal, etc perspective.  

@Jeffrey Evilsizor I am no expert in construction law in AZ, so don't know if there is some liability you will retain after the sale of the property, so you will want to check out this angle with a lawyer.From the insurance perspective, you are not incurring traditional GC risk if you are doing the work for yourself, on your own properties. 

They are still worth owning from a cash flow perspective, if that helps :)2.

I was wondering if someone can help layout the finer details of how this transaction would occur from the buyer and seller perspectives.

This exercise can change your perspective on investing and possibly change your life as well.Best to you!

Really puts all of your hard work in perspective.

Chinese investors are buying up properties and both residential deals and commercial deals are a bit over priced from my perspective. http://www.seattletimes.com/opinion/first-come-first-served-renting-will-hurt-landlords-renters/

Certainly depends on your state.... it appears difficult to wholesale here in Ohio for legal reasons that are beyond me so I suppose my perspective comes from that.

I can't see why a landlord would have any objections to this as from their perspective you are putting more skin in the game by having your future credit take a hit if you fail to pay rent and pay on time.