This takes quite a bit of pressure off my shoulders by planning for their safety prior to planning for their future, though I'm doing both. ;) 

Also keep in mind you will need WC/GL which will cost around 20K a year for minimal volume, you will be on the hook for warranty and callbacks as well as taking on all the liability that the GC would normally shoulder. 

You can get into houses with little to no money down, you get an extra pair of eyes validating the deal for you, you have someone looking over your shoulder making sure you and your contractors are staying on task and you don't have your personal residence tied into the deal in any way.

and then like what happened to many in 08 and 09.. those that banked with the big banks got the cold shoulder many small community banks ( if they did not go under) stuck by the core borrowers...

Cass,I wouldn't consider myself an "expert" but I am up for it and have a broker that teaches classes on Short Sales that would be over my shoulder throughout the whole process.

Everyone else gets eyeballs over their shoulder until they're vetted and then I still want an ironclad warranty.

If they are your friends and relatives (because no independent investors would buy into your plan), remember that you might get a cold shoulder at Thanksgiving Dinner if things go sideways.

That way, I won't be using any of my paycheck to rehab, taking some of the stress off my shoulders. 

Meet with several, find someone who you're comfortable with and seems to have a good head on their shoulders.

@Michael King you definitely have a good head on your shoulders that is a plus.