Does Turnkey BRRRR exist?

[Logan Halliburton]

Hello BP community, Is anyone familiar with a turnkey company that I could utilize a BRRRR method with? I have a HELOC on my primary residence but have little free time so the prospect of turnkey real estate really interests me. What I envision is working with a company to buy a distressed property in a Midwest city and do the rehab through them all cash from the HELOC. Once rehabbed the company would place a tenant and manage the property going forward and I would refinance the property to pull all the capital back out to do again. Is anyone familiar with a company that has a model alone these lines I could contact? Thank you Logan

[Larry Fried]

@Logan Halliburton First, I know of  a few companies that have or are doing this, although in most cases you are not going the kind of equity to be able to get all of your cash out on a refi.  I will also caution you that on these programs you are assuming a lot more risk, and very dependent on the company actually performing.  I have heard more horror stories of how these have gone wrong.  You have to be particularly certain of the trustworthiness and competence of the team you are working with.  Make sure you have plenty of protections in place if you go this route you could get very seriously burned.