Purchase price: $76,000 Cash invested: $80,000 Sale price: $399,997 New Roofs, new kitchens, new bathrooms, new flooring, fumigation, new appliances, paint & fixtures;

There was some reno on the property just before it was put on the market but nothing fundamental (kitchen remodeled, hardwood refinished, new paint inside-out, roof repaired, HVAC repaired).

If I have to hire a GC, I will - just trying to figure out how anyone does anything themselves (i.e hanging drywall, tiling, kitchen cabinets, fencing a yard, framing closets, etc) if the cost goes over 5K.

You finished a kitchen remodel, you placed your first tenant, you got your first loan, you bought your first property. 

It has an awfully laid out kitchen that is way too small for a house that size.

Investigate how appraisers in your area value houses and use that to your advantage... sq ft, bd / ba count, materials used in kitchen or bath, etc ...

There are also not a lot of property managers out there that excel at the rent by the room model.The second way is to plan for it when looking at properties and finding ones that can be easily separated off and turned into two units (say basement and top floor), then by adding a kitchen to the separate area you can rent both areas, instead of the whole home as one.

And among the stallions it's common to see brand new kitchens and baths, flooring and fittings, etc. 

The cabinets in the kitchen are starting to be installed and painting of the interior is coming along.

House is empty, but husband sees all the bedroom doors removed and nailed crosswise  on the walls leading into the Kitchen to seal it off from the rest of the house.