The DIY contracts often omit legal requirements need by law, and failed to disclose key items making lawsuit later difficult. 

What a lot of investors fail to see is that simply paying the right people to do the job the right way in the first place has a lot of benefits and may not always have as high of a cost as you are perceiving. 

So Michael, your plan is very doable, it may take a bit longer than you think and it might materialize in a different shape then you imagine right now, but it's a great direction and it sounds like you are fueled by passion, which in my opinion is what makes the difference and answers Brandon Turners usual questions: what do you think seperates the successful investors from those who fail or give up? 

Just a "pass" or "fail", so you don't know where you need the help. 

Something I failed to mention is that I would try to get initial loan including the $50k rehab so that my cash invested would be significant lower. 

Not junkers that failed inspection 3 times, just outdated.

Zillow Rental Manager tends to have the best qualified tenants but posting in local Facebook groups gets me the most responses (though a lot of the people who contact me apparently fail to read the rental qualification information as a lot don't meet the required credit score).

If all that fails then its probably time to move on to the next one.

As I said in the original post some cities penalize the investor if he lives out of town by making her pay an additional fee.In some cities, investors are charged in Grimaldi court if a tenant fails to bring in an empty trash bin with 12 hours.State law requires all home owners to declare any known lead paint issues.

Too many people are too worried about the risk to get started and to me, that is a bigger travesty than rolling the dice and failing.