Need at least three acres or more if your soil is rocky.  

If it's your first rehab, it will certainly cost more than you plan, your electrical guy won't show, your plumber will have you way down on his list so the project will just sit for a while, your sheet rocker will have to wait until the rains stop because the mud won't dry, your inspection will fail and you'll have to redo that, your refrigerator space in the kitchen will be two inches short because the counter is bigger than you thought, then the door of the refrigerator will swing the wrong way and you will have to figure that one out too. 

Staining sucks, you’re wiping it onto a floor, and poly can be pretty complicated drying process.

You can have two houses that are identical according to the data on paper/ virtually, but millions of dollars apart in value for infinite reasons that you just can't know without being there (level of finishes, condition, smell, same builder or different, how the property will show to potential buyers, micro-location (same sub-division or different one across the street, one has awesome views while the other doesn't, one could be on a lake while the other isn't, one could be next to gas station or on a busy street, near train tracks, a smelly factory, backing to commercial or high density multifamily, one could have settling issues with the foundation because of expansive soils while the other doesn't etc. etc. etc.).

It's like watching paint dry with the appreciation, but they cash flow well, so no complaints.I wish you all the best.

Maybe, but those are also totally different skill sets.The old timers like to say that you should be preparing yourself for the inevitable downturn, and that will mean seeing these refi-opportunities drying up for awhile. 

@Michael Dumler,  the first deal, the shakiness involved illness, but eventually with the help of my realestate agent my "deal" was transferred to another loan officer in the same company.This time, I feel like I am being left out to dry. 

Timber resources, correct soils, agriculture, etc... the real question is 'what are you looking for?'

Basically they did demolition, some dry wall and electric and very little tiling (renovations were for bathroom, kitchen, flooring, and basement).

My personal image for this approach is water flowing down a dry stream bed, always finding ways to move forward, despite the obstacles, and not being hung up on just one way to create progress.