I can count on one hand the number of times I've seen subcontractors on those job sites performing work.

So if I am looking at an asset as a 10 year play - I look more at the location, schools and how has this market performed in the past excluding covid and 2008 which were extenuating circumstances.Reality is right now shorter term plays do not work based on numbers and cost of financing - we went through this same thing in 2001-2004ish timeframe where properties would appreciate 2-3% per year and after buying costs and closing costs - you were not making money on assets unless you performed the labor or found a really good deal.this is how real estate "typically" is - which is why everyone always says location location location - because after a decent holding period, you will win.

Research comps in the Milwaukee area or connect with a local appraiser to estimate your property’s potential value.Depending on the rental income, you might explore DSCR loans for your refinance, as they rely on property performance more than personal income.

That said, I’ve found that properties in C-class neighborhoods tend to perform best with Section 8 tenants.

In fact, someone just called me last week and had a non-performing rental package that they purchased in the same fashion and the prices they bought at, considering the actual condition and historical performance of the properties was too high in my opinion. 

It forces me to get real familiar with my business and how my properties are performing.

This increased demand is in areas that all ready have limited supply.Since the rates started to rise, my appreciation forecast has been conservative (as I have indicated in numerous posts) for my San Diego market (I have been underwriting at zero appreciation near term) and fortunately for me the market out performed my forecast.  

@Jeremy H Barton I would suggest taking a look at your cash flow before signing up for a HELOC on a brand new building.

Quote from @Benjamin Finney: Chris, interesting niche on non-performing mortgages/ rtl's.

Contractors performing structural, electrical, plumbing, or HVAC work are required to have the appropriate licenses issued by the City of Chicago.