The BRRRR Method...what are the rules?

[Justin S.]

Hey everyone. I have a question/situation that I'm hoping I can get some guidance with. 

I bought my house in 2015, with the intent of one day turning it into an income property. I put 20% down to avoid PMI, with the help of some family assistance. The house had been renovated before I bought it (bathrooms and kitchens), and when I moved in I replaced the roof, put up a shed, and fenced in the yard. I have other projects that I intend to complete still as well.

I am getting married in November and promised my fiance that I would focus on RE education until then...My question is, is it too late to BRRRR this property and use the funds to repay my family member/potentially buy my next income property after I get married? I think I know how the BRRRR Method works, but I'm not sure how it applies to my situation. I may be totally off as well!

Any and all assistance is greatly appreciated. I hope to meet some biggerpockets members at the Long Island REIA meeting April 10th! Thanks all!

Best, Justin