That's a huge undertaking!

However, for many of us who have another principal business or profession and invest in real estate as a side venture, our time is typically better spent billing our customers in our "real" job or undertaking strategic business activities as J Scott outlines and not swinging a hammer.In my case, I've spent time cultivating relationships with my carpenter, plumber, electrician, etc. and have built a small crew who handle much of our renovation/rehab work {much as John Carpenter describes his role above}.

Developing a subdivision is a big undertaking, deals with State agencies, Cities and Counties, etc., and can even involved Federal regulations.

How many projects is your company currently undertaking?

Investing in real estate is probably one of the highest anxiety-causing businesses one can undertake. 

It can be a big undertaking, although there can be profit in it IF the numbers are right and IF you have done your homework to know what you are getting into (both big “IFs”).

I’m about to undertake a full BRRRR with only 15k cash on a 150k property.Don’t get over your head with too much leverage and keep the fourplex safe with more equity.

I really haven’t heard of people undertaking this kind of work just to change from a studio to 1BR on paper.

It can be a big undertaking, although there can be profit in it IF the numbers are right and IF you have done your homework to know what you are getting into (both big “IFs”).

I think it's probably best to gain some more real-world local experience with rehab/construction before undertaking a project like this of my own.