Finance on a repaired 4-plex

[Mary White]

We're buying a 4-plex for $116,500 for cash (ARV is $300,000-$325,000) with plans to repair and update it over the next 2-3 months. We're then going to hold it as a rental and use a modified BRRR strategy to buy another property. How does lending work on this kind of all cash deal? There's no refinance involved so is it just a reverse mortgage? Do we need to "season" a property that we've paid cash for or does that just apply to financed renovations? Is there ever a good argument to just hold it as a paid off rental?

We've walked away from a very nice fully rented retail value purchase to get this value add foreclosure. I'm nervously excited about the challenge ahead and ready to get into attack mode. Being on the verge of a great investment play, I want to have my end game planned out the best I can. I really appreciate your feedback.