Hello Jordan,Check out this podcast I did with Gene Trowbridge for BP to hopefully shed light on the topic: https://www.youtube.com/watch?

For finish items like faucets, lights, etc. you should get an itemized budget list.

I feel acceptable risk would be changing a light fixture of replacing a device to update a look. anything else you should hire a qualified person do the work for you. 

Hi, I used to work at Seattle Lighting.

All light rehabs are either overbid by cash investors (I mean, the ones that don't use hard money) or even bought by retail buyers who don't look for a profit.  

He did some light fix up while he lived there and turned a nice profit in less than a year (READ that book). 

Going in and painting full interior and exterior of homes,  changing out fans,  lights, faucets and etc.

As I was in college and career-time was just around the corner the anxiety and confusion became bigger and more unavoidable.

I'm going to respond about a looming bust and unsustainable growth in San Francisco.http://www.bloomberg.com/news/videos/2015-06-22/ny...SF to New York is a common comparison, and while it isn't exact, it sheds a lot of light on what is possible in the future.  

Your concern for buying at the top is valid and shouldn't be taken lightly.