BRRRRRP (Buy, Rehab, Rent, Refinance, Rehab, Retire, Payoff)

[Michael Zagorsky]

So this is a musing of mine I wanted to throw out there from a BP/FIRE perspective.  

What are everyone's thoughts about buying properties specifically with the end goal of having a paid off, freshly rehabbed property as a retirement home? Clearly, this is likely not a try of property that is a usual Class B/C affair of normal BRRRR investing.

Buy:  Buy a discounted property with good 'bones'

Rehab:  Do the things to make it a good rental.  Either long term or short term.

Refinance:  Put it on a good 30/15 yr note.

Rehab Again:  Closer to your target date, do the higher end rehabs that you would want in your future home, using rental cash flow to pay for the work.

Retire:  Make it your primary residence

Payoff:  Hopefully by now you can pay down the remaining balance and you have your paid off retirement home.