I own my home – which means I have to do handiwork. A neighbor had a pipe problem and ruined a part of my wall, so I had to cut out a hole about 6×3 feet in the sheetrock. I followed this tutorial site and followed each of the videos. Overall the project looks good. One extra lesson – MAKE sure you have it even (use shims or whatever) instead of trying to make it even with Joint Compound. Also, on the first coat I would suggest adding a bit of water, to make it cleaner.
Tutorial Link here.
Good luck homeowners,