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Back to the original topic, from my limited (3 houses) construction experience, for 6..12 months it becomes your 2nd job even with a good GC/builder, unless you completely don't care re final product... and even then it will take a chunk of your time. Is it a hassle? Yes. Would I do it again? Hell yeah. But it's not for everyone - I know quite a few examples of multi-year disasters that cost people $$$.
Re buying a distressed property and renovating it - depends on location, but my impression is it absolutely makes no sense in suburbia, makes some sense for a historical/unique property, and often is the only option in a city.
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