Indy deals cash flow when the boring numbers work and most listings fluff the wrong ones.

Done wrong absolutely a waste of money.  

Then, your assumption about Hard Money is wrong. 

If he has previously done modifications with approval, he might have assumed (wrongly) that future modifications would be fine.

I have started using AI a little bit and have been shocked at how wrong it is much of the time.

What happened and went wrong?

Most won't though, and here's why: 1) you will be slower, 2) you will not be as skilled, even demo has a right and wrong way (I've had people cut a roof truss, then I have to call an engineer, etc) 3) you will be in the way, borrowing their tools, asking questions, etcBetter to just let them handle everything.... 

Short answer - you can't go wrong with either one because you'll do well over time with both. 

There is nothing wrong with EJ as a business model.

I keep communication open and friendly with my current tenants to make sure that if something goes wrong, they tell me!