When I was a punk rock anarchist in my twenties I would have thought this strategy was cool.

With over 100 renovations to my credit, I can tell you the only way this stands a chance, is you have a rock start crew that turns this within 3 weeks, or you are stealing the material. 

@Jaquetta TurnerYou’re a rock solid mom!!

If you do not that will have to be added and that will require opening up the sheet rock.

This is from 2017- prices are at least %10 more nowDESCRIPTIONESTIMATEAdd 3%Adjusted3655 Pleasant View Apartments 12% BUILDING PERMITS$56,000.00$6,720.00$62,720.00ELECTRICAL DEVELOPMENT$3,700.00$444.00$4,144.00UTILITIES/TEMP POLE$5,000.00$600.00$5,600.00EXCAVATION$350,000.00$42,000.00$392,000.00RETAINING WALLS $0.00$0.00CONCRETE PUMP $1,500.00$180.00$1,680.00CONCRETE$10,000.00$1,200.00$11,200.00FOUNDATION/CONCRETE-LABOR$16,100.00$1,932.00$18,032.00CONCRETE CUTTING$500.00$60.00$560.00TESTING/CONSTRUCTION STAKING $0.00$0.00ASPHALT$40,000.00$4,800.00$44,800.00CONCRETE FLAT WORK$14,000.00$1,680.00$15,680.00FRAMING LABOR$80,000.00$9,600.00$89,600.00ROOF TRUSSES$15,000.00$1,800.00$16,800.00BUILDING MATERIALS$150,000.00$18,000.00$168,000.00WINDOWS & SKYLIGHTS$14,000.00$1,680.00$15,680.00EXTERIOR DOORS$24,677.83$2,961.34$27,639.17ROOF COVER$17,000.00$2,040.00$19,040.00STAIRS$40,000.00$4,800.00$44,800.00SIDING LABOR$44,000.00$5,280.00$49,280.00GARAGE DOOR $0.00$0.00GUTTERS$3,200.00$384.00$3,584.00PLUMBING$60,000.00$7,200.00$67,200.00FIRE $50,000.00$6,000.00$56,000.00HEATING$15,000.00$1,800.00$16,800.00AIR CONDITIONING$25,000.00$3,000.00$28,000.00ELECTRICAL$110,000.00$13,200.00$123,200.00MASONRY $0.00$0.00INSULATION$20,849.00$2,501.88$23,350.88SHEET ROCK$85,000.00$10,200.00$95,200.00INTERIOR TRIM$22,000.00$2,640.00$24,640.00TRIM LABOR$20,000.00$2,400.00$22,400.00CLOSETS$4,000.00$480.00$4,480.00FINISH HARDWARE$9,000.00$1,080.00$10,080.00UNDERLAY LABOR$14,151.00$1,698.12$15,849.12CABINETS $34,000.00$4,080.00$38,080.00COUNTERTOPS$20,000.00$2,400.00$22,400.00BLINDS$2,000.00$240.00$2,240.00TILE $0.00$0.00TILE LABOR $0.00$0.00MAIL BOXES$2,500.00$300.00$2,800.00PAINTING$41,000.00$4,920.00$45,920.00CARPET$9,258.00$1,110.96$10,368.96HARDWOOD FLOORS$22,000.00$2,640.00$24,640.00KITCHEN APPLIANCES$48,616.60$5,833.99$54,450.59LIGHTS$8,500.00$1,020.00$9,520.00MIRRORS$3,000.00$360.00$3,360.00FINAL CLEANING$4,000.00$480.00$4,480.00PICK UP.

This is a tough way for an out of state investor to get started unless the company you are working with is rock solid.

Here are just a few of my RE goals (I'm sure I'll create more as I gain experience):- Learn as much as I possibly can about the world of real estate - fix & flip, wholesaling, finance, and ultimately out of state cash flow rentals (my understanding is that currently CA is not the most ideal market for cash flow rentals)- Successfully Fix and Flip at least one home with my 82 year old father - he hung sheet rock for 50 years, and although he cannot physically do the heavy work anymore, he still has the heart, the passion, and the vision.  

@Al Williamson Ticket purchased and ready to rock. 

My personal view is that investors should focus on building rock-solid financial foundations by living frugally, working hard, generating income, saving, house-hacking, and taking a hands-on approach to old-school real estate investing.

But you're the rock star - You just moved to a different geography (with better fishing), into better cash flow, set yourself up for retirement, and did it without paying any tax using the 1031 exchange.