I have a lender/broker who I do 203k's with and she can run it as a direct lending method or broker it out, so you will get a few options, I believe.

Just the method of execution, but as others have pointed out, you might be able to make it work the way you want if you can quickly get the loan out of the borrower's name and into your name.

I have an architecture degree but I don't really trade my time doing drawings for money.

I am tempted to buy cheaper property but am thinking I may be trading low purchase prices for more tenant headaches. 

Are there any pitfalls to know of when using this method?

I wanted to voice my hesitations using these methods across the forum and see what others think about this.Timeframe – It seems like many of the threads that use this guide line started 5-8 years ago… when interest rates were 5-8% and not the 3.5-4.5% that they have been hovering around the last couple years.

There are likely thousands of threads, articles, and blog posts that can help you figure out methods to research leads.

That could be the best move, take your loss and buy a place on Maui ;-) just kidding....kind of.You could increase the revenue in hopes that it would help you sell the property for more than you paid for it...at least enough to break-even when you figure the costs to sell.Perhaps you could trade the property.  

Do you have to use their installers (for things like the windows & furnace) or can you use your own trades?

The first thing that screams out at me is that at the very minimum he would be deferring capital gains by trading that for ordinary income tax.