Sort of. I didn't do it for profit exactly, but I bought properties that needed refurbishment in order to be able to afford something that I otherwise wouldn't have been able to.
Due to a quirk of finances at the time, I rented my first house out as it meant I could afford a better house when moving.
So, you have to choose wisely. The worst house in the best area is the utopian solution as you can always make the house better, but you can't do anything about the area.
Learn the skills you need rather than pay someone. I did plastering courses, bricklaying courses, electrician courses and all sorts. Often it works out cheaper than paying someone else even including the price of the course, and you will have those skills for life.
Understand that you will make mistakes and don't worry about it. For example, when I fitted my first kitchen, I didn't know how to do mitre joints. I budgeted screwing up a worktop (£80) and it was still cheaper than paying someone else.
Get a decent set of basic tools. You need a drill / driver, a decent saw (a track saw will be perfect), a screwdriver set, decent spirit level, and probably a hammer drill. You don't need to spend a fortune.
Also, factor in that stamp duty is more when you are buying a second property. Get financial advice and possibly put it in a limited company for tax / pension efficiency. I didn't do this as I wasn't planning to keep it long, but I wish I had.
Keep in mind that the rental market is all on the side of the tenant now, so I would think about renovation and selling as opposed to renting these days. The risk of renting is too high.
Good luck.