Many companies are trading outrageously high due to potential earnings that may never materialize.

There are a lot of conspiracy theories out there - they say the advisers only promote what they will receive their commissions on or a larger conspiracy of the whole financial system to keep funds in the market and not out to other types of investments.  

I've read a lot of material on self directed (including checkbook) options but still not sure the best approach.

As I understand the material on Bigger Pockets, you charge rent, save half for reserves/repairs, then use the other half to pay the mortgage, and what's left over from that second half is your cash flow.  

The biggest issue is porous materials like wood.

They don't have an actual text book to read from but rather it is all interactive and they cover the material (supposedly) that would be in a text book.For those who have their licenses, how did you go about it?

Could be $15K if you do all the work yourself and just need to buy materials.  

This is not a promotion for their services, but it has been an excellent tool for my direct mailings. www.microbilt.com

I usually use a very rough estimate of the labor will cost the same as the materials.

Other guys will waste the day away and run off with your money or materials.