Unless you have construction experience you are likely to end up in the red on the first project or two.If you are intent on trying to do rehabs (which isn’t necessarily a bad plan because that is where forced appreciation and higher returns are) then you don’t need to make a decision on BRRR vs flip now, you can wait until the rehab is finished and figure out what makes sense to you.

For example, if an owner is in red but the property has old and drafty windows, and tenants are complaining, what would you do?

Several years before we bought a decade old nineteen foot Airstream, parked it on a gravel driveway below our house, plopped down some red lawn chairs and put it on AirBnb.

The lack of income verification and the deposit payment issue are also red flags.

Maybe turn that red L into a straight line and put in a standard width door that opens in To the bedroom.

Think Chase, Wells, US Bank, Key, and Everbank - plus any regional players in your market active in the multifamily space.If you're looking for a value-add rehab / bridge loan - try both bank/cu's and private capital / hard money lenders.

.: Red flag. 

I found the renovations costs to vary widely and a couple of contractors said it costs X amount of dollars with no line item estimates (red flag there).

Blue, Green, Yellow, Orange, and Red are A, B, C, D, and F, respectively.

Ohio is red, PA is blue....The answer is clear where you'll be better off investing.