Always insist on three estimates for larger projects.To Your Success!

I don't think it's very profitable and even less given the risk.That would leave you with the classic that most foreign investors do: short-term rentals.

I have a Google Sheet that I'm using to track different elements of the project but I'm wondering if folks have success using other software that they can share with me?

Most work this way Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

Does anyone here run profitable rentals (long term or short term) and would be willing to share some good locations / strategies on getting started? 

Also, what type of property (turnkey or fixer-upper) / and your rental strategy (short-term vs. long-term)?

I’m interested in investing in more real estate to have long term and short term rentals for passive income.

@Jeffrey Tucker  usually people have lots of success in Facebook groups and also local meetupsexample https://www.facebook.com/groups/wiscoreiawesternwi/

From CSLB:This section defines what an owner-builder is and the laws surrounding the practice.An owner-builder is what the term indicates: a person owns the property and acts as their own general contractor on the job, and either does the work themselves or has employees (or subcontractors) working on the project.The work site must be their principal place of residence that they have occupied for 12 months prior to completion of the work.The homeowner cannot construct and then sell more than two structures during any three-year period.Getting a GC license and going Legit is pretty difficult.

It will be difficult but not impossible to find a lender that will take second position and very likely the first lien holder will be apprehensive to a subordination agreement..The terms will not be as favorable likely in the 7-8%'s I/O but on a new mortgage there are investors that theoretically can finance 'unlimited' units..I think with our team it's 250+ up to $100M.