When starting out you can trade labor for equity by DIY means. 

3) Would the financial/psychological/time commitment worth it.4) Knowing what you know from RE, if you were in my position (considering RE as a side venture) what would you do?

Installing a new bathtub is VERY labor intensive (I did it in another property and wished I had reglazed instead), so the cost of installation (or trying to round up a circus of people to DIY) of a new bathtub makes reglazing something to seriously consider.

My buyers wouldn't even venture through the front door.

This is all just my opinion so go for it if you feel it and send me your deals in New York if you would like to do a joint-venture.

Having a flexible job with enough fat to save and invest is arguably a better position to be in for what it sounds like you want to do.If you do work for someone, I would suggest a much smaller venture, where you are able to wear many hats.

Before diving into this kind of venture, understand the market.  

The few times I have gotten off the freeway for gas or a restaurant, I wasn't entirely impressed with what I saw, but again, I never ventured much further than freeway close.If you think you have a deal, you better get a good contractor to go through that house with a keen eye and a sharp pencil while you still have time left on your inspection period.

However, I have to sign a PPM that tells me that this is a high risk venture and I may lose all my principal.

I am a newbie in Los Angeles and am eager to begin my venture into real estate investing.