As @Karen Margrave mentioned, there's a ton of details related to the zoning and topography - principally whether the lot is level and graded yet or not, as well as whether there's water meter(s) and such already in place - that have big impacts on your costs and hold time.  

He is a licensed electrician which helps in these cases where we need electrical work done.Our plumber will be out to do the preliminary plumbing work tomorrow that will be needed to put a 2nd bathroom on the 2nd floor of the houseAlso starting on Wednesday, our main contractor will start his work at the property and will work on the 2nd bathroom, installing the new windows on the 2nd floor, and will generally be focusing on the rehab of the 2nd level.

ie=UTF8&qid=1435501004&sr=8-1&keywords=humidity+switchThat way the fan will come on when the humidity level is high and keep blowing until the humidity level is reduced. 

If it ends up you do need a high-finish, flip-level rehab just to rent it out, maybe you can take on a partner for the deal so you don't end up being stuck?

A couple may ask "will you sell on a lease purchase" (hey, I do that too), a couple others will subtract 35% from your asking price hoping you'll drop to "hard money" lender levels so they can make an offer.

Consequently, you stand to lose some level of control. 

This week in rental property, mortgage rates climbed up to the highest levels for the year.

I would want to feel comfortable with a certain level of cash on hand and very safe gov't bonds for any emergency to handle.

I am a naive want-to-be investor (right now) looking to get myself to a good level of knowledge to pursue the field.And although the I live in the UK (where I'll invest) I've been listening to the BP podcasts in order to learn how to invest and how to think as an investor: which are not things restricted to an American information source!

Some good info for a base of knowledge and conduct your business legally but most not very useful.Focus on systems to serve clients at a high level,  your sales skills, negotiation and ways to get leads.