It looks great, with free checking account transfers and giving rewards points and discounts to tenants who use it.  

Real estate is not easy as the shows make it out to be, but rewarding once you put the work in.

The main reward for all this drama is that you can pick up properties at a discount, thus having better equity position and in theory making higher returns (lower purchase price equals lower mortgage equal higher returns in many cases).

t will set in but accomplishing something outside of your comfort zone is one of the most rewarding experiences in life.  

The answer to the latter question will depend on the risk/reward scenario of the specific transaction.

Aside from all the hidden costs mentioned by other, I think you need to consider risk/reward. $75K in rehab is serious work and 10% seems low on contingency unless you are very seasoned and there is no hidden work.Making 10% on a complicated deal seems risky.

As a side note, use caution finding someone of Craigslist- I have learned the risk far exceeds the rewards when sourcing something like this out.

And then their are PPM type funds were you can invest in the PPM that then invests in TDs and Notes..... this could be an excellent way to learn as well as the PPM will have detailed information on the formation, risk ,reward etc of the particular note investments they are doing.Lastly most of the crowd funders are doing some sort of new originations and they have disclosure docs that you could learn from ... though you need to be accredited in most instances with these folks.. but you will find bigger funds that take non accrediteds.

More risk, but properly managed, more reward in terms of cash flow.  

The short term risk is higher but so is the reward.