Unless you're paying cash, your monthly motgage payments are going to be so high that it will take a big hit on your Profit and ROI, right?

Break even is certainly possible and I think it will become more profitable soon as more inventory stays on the market longer and interest rates come down.

Personally, I don't like condos- HOAs and surprise special assessments can eat up any potential profits and in most states, they can just change the rules when they want to and decide that LTRs or STRs are no longer allowed. 

Go conservative ) - Holding Costs (loan payment, utilities, insurance, etc) - Rehab Costs (you will have a good handle on this) - Closing Costs (you will pay closing costs on both purchase and sale of home)  - Profit (minimum you would want to take on the risk.

Would a recession be very likely to affect profits with such an investment?

They take a good amount of your profit but getting some money for a deal is better than just having the contract expire.

Some contractors have insurance, some are 1 man band with no overhead, quality of work factors into cost, level of finishes.We created a calculator for our clients to use here in Chicago, specific to our renovation pricing, but even that is just a guess based on some assumptions.If you can find a quality general contractor, pay them like @Bruce Woodruff mentioned, and it will make your life so much easier...you may eat into some of your profits, but being able to rinse and repeat with someone you trust is priceless!

Are you looking more long term profit through appreciation?

Hello,More SDIRA questions - I am putting them under separate heading to hopefully make them more useful to others too.I understand that I can not 'do the work on the property to make a profit'.

Seasonal profits take a little more work here, but generate a much higher cashflow than SF's.