For example "Just get 3 estimates from general contractors.." is a lot easier written than done!!

The cons as i see it include loosing the 2 of 5 year cap gain exception, typically not an ideal rental because the emphasis at purchase was buying a good home for your family and not a rental with optimal return (my ex-home consistently has the lowest cash flow for equity in my RE portfolio), not disconnected enough from the property causes addition angst on damage and may result in over improvement.  

For example, if you're planning a kitchen remodel, get multiple quotes to ensure you have a solid grasp of what it will actually cost.3.

For example, for a business owner; they have no practical way to 1031 exchange.

You can also find many examples in the forums of people experiencing poor valuations due to lack of comps.

Thanks for this example, James!

From what I've seen, typically two people doing a flip like this have different skillset so one person is doing different things than the other.

Consult you insurance broker for specifics but I found this policy to be very protective and reasonably priced.With regards to an umbrella policy they are typically good to have.  

For example, could I use my SDIRA to operate a management company that charges my holding LLCs a management fee?

. - Just be prepared, because a motivated seller typically has a property with issues you need to be sure you can solve.