I compare the quantity of funds put into a rehab(or in this case, cosmetic fixes) with the likely yield on that money.

Luckily, we operate our own management company and have been compiling an extensive packet of materials to share with investors.

I think the reason is that your repairs tend to come from multiple categories: very cosmetic(carpet) to fairly substantial (new kitchen cabinets and appliances) to major systems (HVAC, roof, electrical) but rarely falls squarely into just one of those three categories.

She has a ton of stories that help with learning the material.

The whole point of attending a local REIA meeting was to avoid the sales pitches about courses/materials that over promise and make real estate seem very easy money making deals!

Meaning - in my experience the amoount of CCR required to drive the IRR strictly though cash flow is not likely to materialize due to economic losses.

I should mention I do communication wiring as a day job so I can do this for my time and materials.

It depends a lot on how high between your peaks and valleys if is more than say 1/2", most leveling materials are not design to fill in that much.

Other building materials prices have gone up as well. 

Yeah, if "luck" means all the money I socked away when I was working, not taking fancy vacations or buying nice stuff, buying dumps, spending all of my nights and weekends hauling trash and fixing stuff, spending all of my available disposable income paying contractors or buying materials, then working like hell to get decent renters.