Having a solid team around you like agent, lender, contractors etc.

Well, this my opinion, if you like unpredictability, constant change and people/contractors with no regards to you or your property then "YES" flips and STRs are the way to go...LOL....I love it!!! 

Your contractors, staff, and the financial markets will create challenges. 

Love to know. couple things  NV is one state were NMLS registration and state license are required to be a lender on any rehabs on 1 to 4 units.. that's number one.. you check with the statealso I would file a complaint with the state of NV  mortgage enforcement division right away if this guy is not legit he will be shut done and fined.  

I would explore the costs with some other contractors are 2/1, 2/2 3/1, and 3/2 SFRs are.

An experienced property manager should minimize vacancy, increase income, and have connections with contractors and other professionals to manage your property well to maximize your return on investment.To Your Success!

My question for the group is would my hours as a contractor also count twoards the needed 750 hours?

Learn how to find off market deals and good contractors.

Other risks, the contractor walking off the job, a storm hitting and delaying the project for weeks, someone breaking into the home and stealing stuff (which happened just the other day to a client of mine), a squatter, or drunk driver driving into the house (happened a lot at my old job as a firefighter lol).

Once you decide on a contractor I would keep the fire marshall in the loop as to the scope of work and the timeframe for completion.