I am setting aside reserves so that when it happens, I am not in a pinch.Even though most landlords use cash accounting vs accrual, it would be a good exercise for every one to brush up on their accounting.  

Soft commitments and database nurturing are the key.

But, even those folks who are not formally educated can do well as we all have seen - it boils down to "the soft skills" that involve grit, determination, and relentless practice.

My self I have been self employed my entire life basically.. starting with Fuller Brush at 14  real estate sales at 18 so I know nothing else..

(No structural changes)Repair rear deck and front porch to usable condition and paint apr. 250 sq ft total (remove & replace 4, 2x6x8 deck boards)Floor repair where needed near back door (attach 3 2x10x8 floor joist to existing floor joist to reinforce soft floor) install new subfloor in area of repair.Drywall repair for bathroom, closet, laundry and master bedroom areas where needed (up to 200 sq ft with knockdown texture)Skim coat areas of house with dated wood grain style texture and re-texture where needed (approximately 1200 sq ft) Install bathroom vanity, sink, hardware etc. (36" vanity)Install kitchen cabinets (8 base, 6 wall)Install appliances (dishwasher, microhood combo, electric range, fridge)Install new plugs and switches entire house (14 switches, 4 GFCI, 36 grounded tamper proof plug ins)Install all light fixtures interior and exterior (15 total)Install counter top for kitchen (white quartz slab / granite or tile 32 sq ft "never formica for our flips")Paint interior walls and ceiling one color and trim one colorInstall interior doors (pre-hung 6 panel @ 10 doors)Install interior trim base, window and door trim (approximately 1200 L/F)Install windows where broken @ 2 (24x24 bathroom window, 36x60 bedroom window)Install all flooring, carpet (500 sq ft) laminate (1,000 sq ft) sheet vinyl (100 sq ft).

No place really to set down a hair brush or toothbrush. 

If you do it, you might have $150 in materials, all in, and that includes some reusables (i.e. good quality brushes).

Quote from @Rodney Menendez: @Peter Dukaj yes we are still finding lots for around $19k in Lehigh Acres with no issues for construction  still a soft market and utilities are going to run way more than public sewer and water taps. it all ends up being the same. 40-50k for a lot no matter how you skin the cat. plus all the site work required for those lots is more than double what a traditional infill lot requires in miami or columbus for example 

So, I decided that I liked it enough to put some money in the deal as well.Some of the repairs we made:Ripped out nasty carpet and installed new laminateRipped out sheet vinyl and installed new ceramic tileNew toilets and hardware in bathroomsInstalled new privacy fence where neededPainted entire interiorReplaced all baseboardsCleaned up flower beds and put pine straw inCut  down tree in back yard that was damaging the old fenceHad house and all concrete soft washedAdded CO monitorsLots and lots of cleaning...  

Soft sand warm waters..