Flipping without being a DIYer

[Pilsy]

This will probably never leave the daydreaming phase, but if I'm going to share wacky real estate ideas, this is probably a good place for it!

We've lived in our town for about 12 years, and for the first 10, my commute took me by an abandoned house that I dreamed of buying, rehabbing, and selling. A couple years ago, someone bought it and began living my dream. lol  I've loved seeing the house come together, and there's a little piece of me that's bummed I didn't go for it when I originally had the idea. I've always been interested in real estate - I've worked in market analysis and commercial appraisals, as well as multifamily financing - and in addition to the financial piece, I'm drawn to the idea of breathing new life into a place that's gone unused for years. It would be so cool to see a family move into a place that's currently sitting empty. 

Now that DD1's extracurriculars take us in a different direction a couple times a week, I've identified another house. It's really run down, so I wonder if it's salvageable or a tear-down. The lot (1.7 acres) is wonderful, and the town is excellent, though taxes are high (bedroom community with great schools, barely any commerce). When I pitched the idea to my husband, he heard me out, which was shocking. He isn't into real estate* and I was sure he'd laugh or at least shut me down, whereas he simply said we should wait a while before approaching the owners since real estate prices have only recently begun to drop around here. (*Years ago, his sister and BIL tried to talk him into buying a duplex so he could live on one side and rent out the other, and he wasn't interested because he never wanted to be a landlord. A decade later, we - both condo owners - met and married. We bought a house, sold his old place, and made my old place a rental. So much for never being a landlord. It's been a great investment for us.) 

We both work FT and aren't handy, so we wouldn't be able to work on this house alone, but we have a lot of capital to offer. Is it a completely ridiculous idea to think we could enter into a joint venture with a contractor? I've Googled enough to know this does happen, but does anyone here have personal experience? 

[definitelyO]

My friends have done this with some success. The contractor partner was a friend (who was also professional) so it didn't adversely impact either of them. They made a significant profit. This was also about 20 years ago when the market was different. I don't know of any recent experiences. and it's not something that would be w/in my risk tolerance.

[Pilsy]

Thank you so much for the response, definitelyO!