Investors who buy based on rent

[Camerron Feagin]

My bigger pockets family is their a investment strategy where you sell to investors  who buy properties based on how much the property rents for? For example if I find a distressed house, renovate it up to code, rent it out, then sell the property to an investor for how much it rents for. Such as if it rents for $700 a month and then sell it for $70K. 

Is anyone familiar with this