You can decrease expenses by looking for efficiencies (ex. more efficient fixtures and materials to save on water and electricity). 

Your time here will be well spent.Since you mentioned an interest in wholesaling, I added a gude and podcast below to help fine tune your niche.https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)https://www.biggerpockets.com/renewsblog/2013/10/31/wholesaling-podcast-mike-nelson/ (BP Podcast 042 - wholesaling)Now that you have made the move, below are some links that will help with the navigation of the site. http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meetSetting up Keyword AlertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/inviteshttps://www.udemy.com/biggerpockets-real-estate-investing-course/ (video with 64 lectures and approx 6hrs of material)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)Before your 1st purchase, please ensure you visit the below link for some tips.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

- Older homes in need of major repairs- High cost of materials- High cost of labor- Lack of available labor- Uncooperative weather- Strict building codes- Very picky buyers- General distrust of flippers in the area - Large seasonal price fluctuationsOf course, none of those things is a big deal if you can pick up deals at a price that accounts for those factors.  

It would be a good material to start with.

Licensed PM company with workers comp and general liability should do it for somewhere in the ball park of $50 for the first hour and $45 for each additional hour plus cost of materials. $175 to $200 labor not out of question. 

Less hassle than dealing with multiple colors, less materials to keep on site, less issues overall.

You must take risks, but, ensure that they are calculated risks.Below are some links to get you started. http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meetSetting up Keyword AlertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/rules https://www.biggerpockets.com/inviteshttps://www.udemy.com/biggerpockets-real-estate-investing-course/ (video with 64 lectures and approx 6hrs of material)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REIs)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

A very basic quick calculation I use is 7.5 bricks per sq ft, and then about $1 per brick for material and labor.

Also, keep track of your mileage and the cost of materials, for as you know, those are tax deductible, even though your labor isn't.

Hi Lance,I did two of them on apartments and NNN retail investing on BP.The shows went an hour and I only covered about 10% of material due to time constraints.What specific questions did you have and I will try to answer.