I think the key is STRICT money management.I recently cut my 401k contribution in half so I could save the other 50% of my contribution to buy rentals.

I got one house strictly because the bathroom vanity was missing.

From my research, lenders strictly prohibit the buyer to do any of the work themselves...this is to reduce the lenders risk.

I got one house strictly because the bathroom vanity was missing.

My state is among the most strict with tenant laws so this would be a serious problem if you want to do things on the straight and narrow.  

This is one deal that money wise may not meet all  the standards you would set for a strictly investment property but it is a worthwhile starting point.

Why not find a couple of people who are really good at it, and work closely with them adding your ideas where needed.I have always found that produces things way better than I can do on my own.Of course there is labor cost with this--just discuss your budget ahead of time, both for them and for the project.And I have found "Artistic Types" can be temperamental and "low on creativity" from time to time, so a strict time line project should allow extra time for this (involve them early on).If you find someone you really work well with--all the better.Good Luck!

What documents do you routinely provide to owners?

In your case are you pulling the capital strictly out of the down payment amount?

Myself and my partner are both builders by trade and got into a partnership with a strictly financial 3rd partner to flip homes.