I am not sure what type of real estate investing you're considering, but it sounds like, with your family and busy job, you won't have a lot of time to be hands-on or personally involved. 

Budget these carefully into your overall project plan to avoid surprises.Rehab Budget: Ensure that bids are received from multiple contractors and that adequate reserves are made for cost overruns.ARV: Be conservative on your ARV since the appraisal concerns one person’s opinion.

My contractor brought me a house off the market.

I think if I make this house really cute, I could potentially get $240K ARV.

I know lots of installers don't do it, and I personally prefer the unimpeded look, but anything installed outside of the requirements of the material is probably going to be limited, i.e. the insurance company is not going to pay you because the material was not installed according to flooring requirements. 

Do you have a 501c3 that you operate under (and rent the house from yourself), or do you purchase homes with an LLC or personal name, and run as a regular business? 

Not talking about you personally.

The presumption of most reading this is you mean stocks and bonds and other assets you would buy from brokerage houses.

This means that your permanent residence is excluded (except if you are doing a house hack in which the part that is rented out is eligible for cost segregation).

buy house  find renter rent house maintain house pray they pay rent and dont destroy it.