It's not that much in the scheme of things.

While getting a new build for a wholesale price instead of retail would be helpful, the "hare brained" part of your scheme may well be the difficulty you have developing the right level of trust with your Joint Venturers.

The interest saved would only be a couple thousand, which isn't a lot in the grand scheme of things but is 4% or so of the purchase price of the property.  

It isn’t that much in the grand scheme of things and you may have saved yourself from overreaching.

In my case it didn't make a big difference in the overall scheme but it seemed to help persuade the seller that I was serious.

But to be fair to all of the Investing schemes they all suffered in the melt down.. what was a 65% LTV become under water when the asset dropped by 50% or better.What was a great apartment deal with 80% leverage become underwater with 35% vacancy or more ( think Vegas PhX ) and those who owned those lost them to the banks.AS @Don Konipol states its all coming up roses right now...

You may need to calculate your time value to $20/hr starting out and gradually moving that # up as you see some success.The get rich quick schemes are an illusion, this is hard work getting things working right but worth it once the big ball starts rolling. 

If you are replacing a kitchen that is in horrible condition, cabinets doors missing, avocado coloured appliances, gross and burned laminate, you should be able to make a much higher than average return on a renovation.The other thing is that many people who renovate areas of their home do ti more to their personal tastes, and worry less about the costs.

Pick at most 2 of the 3.In the grand scheme of things, owning a single property is pretty crummy - not enough profit to really make a difference, and just enough headache since you learn very slowly how to do it well.If you want to invest in getting good at property investing and building an advantage, go for it.  

In the grand scheme of things for your aggregate P&L (not just the property) you are probably ahead.