Use a site like Propwire to find an off market home in your targetted area, if you feel inexperienced about the renovation talk to friends, coworkers, to find contractors that are trustworthy (key part) to partner with to make the fixes needed. 

In this case, it would make sense for me to get the permit as an owner-builder and I'd save $, but I'm inexperienced. 

I've gotten proposed this myself and find it interesting-- not my cup of tea but another way folks are getting creative.

The reality is, there are no bad investments, only inexperienced investors.

More likely, it is an inexperienced sponsor raising money from inexperienced passive investors (and experienced ones that opted to take the risk on an inexperienced sponsor) who got in way over his head and had no idea how to right this ship. 

Not for the inexperienced.

The mattresses get positive comments (Zinus Green Tea 12") so we let them know but no one is clamoring for our sheets or towels.I do like the art idea more however.

I was so inexperienced and inept that I would have paid cash to buy it.

I'd also suggest looking into house-hacking for your first deal.But if/when you decide to invest out of state, building your core 4 will be fundamental to your success, https://www.biggerpockets.com/blog/core-four-real-estate-tea...

But that's really not my cup of tea... well, maybe instagram but probably more of a marketing instead of documenting) , and third I want to share this with the biggerpocket community!