There are certain things that require experience that DIYers just can't get right or spend way too much time trying to do.

And I will state different jurisdictions have different rules, processes, expectations, etc.In my area you are required to have a permit to swap a water heater.

However, they require consistent maintenance to avoid becoming a liability.

If you have equity and decent credit, a conventional Fannie Mae HomeStyle (or the Freddie Mac version) would likely be the better option instead of an FHA 203k loan (which will require a 3rd party HUD consultant to oversee the deal in addition to having the contractor involved). 

Point being if you are leveraged to the hilt with no cash how are you going to make those required repairs etc?  

In the last 18 months various states have instituted new rules, regulations or laws related to (1) need for licensure to wholesale (2) restrictions on marketing of a property in which you do not have ownership and (3) disclosure requirements when dealing with a homeowner that makes it clear to the homeowner that the contact signed with the wholesaler is not a definitive “sales” contract, therefore making it less likely home owners will sign4.

At one point, this bear got into the dumpster 5 nights in row requiring us to clean the area each morning. 

One requirement for this loan product is that the rehab must be completed by a licensed and insured contractor approved by the lender.

Using a HELOC for the down payment on the second home might be an option, but lenders may require you to wait a few months post-closing on the multi-family before approving new loans.The BRRRR-style approach could work if you can renovate and refinance quickly, but make sure the timeline aligns with your lender’s requirements.

You are required by law to send  1099 to the government, and to the vendors if you have payments of $600 or more in a calendar year.