This implies I will achieve a better return on replacing the old and broken cabinets.To answer the OP's question, a rehab can produce positive return above the cost of the rehab for a condo (just as it can for a SFH) but it has to be done with various skills to ensure a good return.  

A big part of me wishes I would have had the same direction and financial intelligence I do now, I perhaps could have devoted that time and money that went into school into starting my business, learning a trade/skill that pays well, etc. 

Your resources & skills other than money (do you have great credit score, high networth/ do you have some business/management/leadership or entrepreneurial skills, or do you like to work with your hands?)

Sorry if this was already asked, please direct me to the thread is this has already been posted.Before, we have to rely on the skill, mls, knowledge, connections of the real estate agent to find us the property we are looking for.

If you're either willing to obtain necessary knowledge/skills to do it right or accept subpar results from "just doing it" - a lot of things are DIY-able.

All the different strategies come with different levels of risk, skill levels, resource requirements, etc. and they all meet different goals.

I have the skill set along with people close to me to do the work myself but then the main question here is...what are the cons of buying a foreclosed house?

They have  experience, expertise, skills, knowledge and often have personal relationships with lenders and other agents that can give you a competitive edge.

That would include: how much capital you have, how much work you want to put into something, your risk tolerance, your skill set, and ultimately your goals.

I am currently working in a mexican restaurant and frankly, that is not propelling me any further or giving me any beneficial skills for becoming an investor.