have often contemplated RE investing as side career (rehab - love love love fixing up my house and swinging a hammer!)  

But, if you're paying cash, you're in a position to hammer down the price.

I'd like to be around her contractor, swing a hammer, pick people's brains, see how they work on a daily basis.

You will 100% of the time make more money pushing a pen then slinging a hammer. 2 properties/year @ 30k profit/property = 60k/yr 1 property/month @ 15k profit/property = 180k/yr - not to mention these high profit properties are in far less supply.

The first one being the most expensive due to running utilities and dirt work, and the later units getting down to $22,000 once the details were hammered out.  

For example, I did both, bought 1980s SFR, tile roofs, stucco exterior, 3-4 BR/3 BA, nice B- class stuff, good cash flow, foreclosures for ~$100k ... put ~$10k in remodel/repairs, ARV around $150k in 2010, at the peak those same houses were going for $400k, and today they are up to maybe $250k ... this gives you some idea of the dynamics... those that bought at peak got hammered, those like me that bought towards the bottom did well, buying today you may do ok if you score a great deal, but probably not paying retail for turnkey.

However, if the thought of swinging a hammer just brings up images of bruised thumbs, then maybe not the best way to go (or is this just me).

The image below shows our "product" (foreground bags, triple wrapped in 6Mil and double taped) compared to the industry common "rope off the property, put plastic down, get in your space suit,  and blast away with sledge hammers... and collect $20K" debris dump.

Unless you are actually out there swinging the hammer, building a home will usually cost you more than buying existing.

I don't know the exact ramifications, but I'm pretty sure it will hammer you credit score.Do you use your car every day?