I think I am late to the mining World but, is it still possible to still set-up a rig and still make profit?
Sure it is. But the ROI is much much longer.
Actually ya don't understand what are you talking about. Right now we can see levels of zero profitability for those guys who already have the farms and whose electricity is very chip.
Maybe if you're trying to mine with older gpu's. I don't mine with anything older than a 1070ti. Those are still profitable even at today's coin prices. I wouldn't buy any more of them even at msrp, but I'm not ready to sell them yet either.