@Daniel Curtis Rule of thumb is, create your comfort zone(s) and work within it (them). Comfort zone for location (how far from home), for time (How much time per week to devote & when - evenings, weekends, both?). Comfort zone on funds to invest (with the current capital that you mentioned, chances are you will be using a lender's funds along with yours as leverage). Comfort zone on property condition: turnkey rental (no work needed), cosmetic improvements (light rehab), standard improvements (new kitchen, bath(s), mechanicals, etc.) or heavy improvements (major rehab or gut rehab).
Even if you are planning on starting with rentals, you might still encounter dealing with contractors if you choose to buy, improve and hold for cash flow, as this creates equity, and might allow for you to tie up less of your cash if able to refinance and recover cash during the refinancing process.
Don't be afraid of what you haven't experienced. Try to be wise where possible, such as when working with contractors, what I have done is this: They supply the labor, and I supply the supplies. Here is how: They choose the Home Depot or Lowes that is convenient to them, they choose the day and time that works best with their schedule to grab the supplies. They text me saying that they are on their way to the store to get supplies. They shop (whether getting the supplies then, or arranging to pick them up at another time), and when they are ready to check out - they go to the contractors desk (or customer service). The cashier rings them out and then calls me for credit card payment. I supply the card info, the store emails me the receipt. I review the receipt to confirm that proper supplies were purchased (no tools) and keep the receipt for a record. In doing it this way I maintain control of the project, do not pay a mark up for supplies (nor pay for supplies that will be used on job sites that aren't mine), and only pay the contractor(s) for labor. I NEVER PRE-PAY FOR LABOR! So, it greatly reduces the chances that I will have a contractor receiving money (what others have referred to as stealing money), for services not rendered, as I pay for labor completed, as performed.
If you want to be a thrifty shopper, technology makes it possible for you to know the price of things online (Home Depot, Lowes, etc. have prices online for everything). Its not difficult to figure out what the supplies are roughly going to cost, and the sku numbers for every item. You might encounter some push back from contractor on using this method (I have), but my thoughts on that are, if they can't work with that system, then they aren't the contractor for me. What do successful franchisors do with franchisees that buck the system? They replace them with those that embrace the system and make money. In other words - choose the people (companies) that you build as your "team" wisely, and make certain that your personality and goals fall inline with theirs.
As for time, you will probably devote as much, or more, time in locating the right property that makes sense, as you will improving it or collecting rents from it. Finding the best deals are time consuming, especially around a FT job. Assemble a good team (realtors, wholesalers, lenders, contractors, etc.), do your homework in advance and you will be amazed how much can get accomplished with even part time commitment. The majority of investors that I lend to are part time, whether they flip or hold, some doing as many as double digit property purchases (or flips) a year. Start with one, iron out the wrinkles and game plan from there. Best of luck.
