What qualifies as a BRRRR?

[Natalie Klesaris]

Hi all!

My boyfriend and I are fairly new to the real estate game (4 doors) and for our next investment we want to BRRRR. My question is - we do not want to get in over our heads, so what do you guys qualify as a BRRRR? Can it just be cosmetic upgrades throughout? Does it have to be a complete demo? I know the more work we would put in, the more return we would get, but we want to start slow, and honestly the cash we would get at the cash our refi is not our priority as much as the cash flow we would be getting after the refi (at least on this first one LOL!)

Thank you in advance!