Also pro and consI would also like to know if this is better or worst than loans against 401K funds?

It is always a good idea to have a base case, best case, and worst case.

Personally, I would avoid any sort of Airbnb arbitrage.

There are also owners that buy at $30,000 home that is dilapidated, in the worst part of town, and not in rentable condition to anyone that has a job or just standards in general.I suppose there is the chance that you were done wrong by 5 property management companies, and had a run of horrible tenants, but I would wager a guess you got what you paid for. 

Good MorningYou used these sort of links to research trends?

Is it possible to write a lease that protects us well in this sort of scenario?

Well here's what we ran into, David:You by and large need white trim if you're going to do cheap vinyl replacement windows, any sort of easy quarter-round on the floor.

@Jeremy Altdorfer The only possibility is some sort of "Private lender"  (friends, famly or associates.

That sort of stuff....I just don't know that you can find a GC that is going to run a full labor only cost on a ground up new build. 

NJ is probably one of the worst states for wholesaling real estate.