Question about NOT buying a foreclosure for long term rental

[J Singh]

So I would absolutely not able to invest in a foreclosed property for long-term rental due to various reasons.

I know that with foreclosed properties for long term rental, the main benefit is the Refinance in the BRRR method for long term rental properties.

From what I understand, this is due to the ability to increase the ARV (After Repair Value) of a home through renovations and increase the home's value; then refinance with the higher ARV to get a second lower mortgage which replaces the first.

Not to mention that foreclosures for the same areas are cheaper than comparable non-foreclosed or pre-foreclosure properties.

However, hypothetically:

If I were to buy a property, not refinance it, save up over a couple years to buy another property and refinance that, I would be ok with that.

Is there anyone that has experience with buying non foreclosed homes and any details?

Also please feel free to correct me if I misunderstood anything I was trying to explain.

You'd be helping out a newbie :)

Thanks