Here is why - flipping is a job more than an investment; it has been hyped up by TV-shows, but the reality is a lot more sober.

Most of the time, owners with long vacancies are dishonest with themselves about the reality of their unit.

I personally took the classes to get a license and was planning on actually completing my license, (though never did because I moved to CA), in MA for a few reasons. 1) The cost was low, I think I only paid about $400 for the course.2) The time commitment was low, you only need to complete 40 hours of instruction.3) If I wanted to get a license, I could do so and hang it with a broker simply to help myself with my own process of accessing the MLS and being more self sufficient.Having completed the course I can tell you that you will learn nuances to real estate that you didn't already know. 

I own an older house that's in decent shape but needs some renovations including adding dormer to our attic (or just raise the entire roof possibly depending on expense) to facilitate a closet and more headroom creating an actual bedroom. 

Somebody is going to have to deal with either fixing it, covering it, or filling it in.If you choose to fill it in, you might have to actually take it out - meaning bust up the walls and haul it to the dump. 

The owner now only gets to prorate the tax free gain between periods of qualified use (actually lived in as primary) and non-qualified use (periods of investment use). 

How much are you actually out of pocket?

I've done a TON of DIY (actually, probably multiple tons if measured by the mass of building materials!!!).

But your QI for the 1031 can form a holding entity called the Exchange Accommodating Title Holder and actually take title to the new property to hold it for you. 

One is your home the other is your rental.If both units are the same size, then you split the interest and taxes.For the rental, you take deductions such as depreciation, and actual expenses.