You may have some money, time, some skills that the other person  does not have,    we as investors love to work with people that are willing to pay the price.  

You'd have closing costs for the loan, soft costs during rehab, and then  seasoning (6-12, 12mo most common) before you can cash out refi.

Mad sales skills remember your sweet talking someone out of their equity.7.

How much you might make depends on your mgmt skills. 

Currently, you have more time than skill.

If you don't have money and aren't a skilled executor, you can go Drive for Dollars, doorknock run-down homes, pull mailing lists and mail the owners, and do at least a dozen different things to find a potential deal. 

Also my soft costs rarely hit $20k. 

I suppose strong testing skills never go out of style.

I have many years as a workforce and business analyst who is looking for the opportunity to transfer those skills into the real estate investing field.  

As long as you are confident in your hospitality skills and interrior design, you should have a successful rental.