Yes absolutely, it functions the same in regards to what you can invest in.   

It serves as the same function as a BRRRR refinance without the transactional costs and brain damage of having to go through a refinance process.

If previous inspections found non-functioning heat, extensive termite damage, etc., then the buyer should be aware of that through disclosure.

Once you have a short list, get an account with each one and run them through the wringer to see how they really function.

Use Excel’s IRR function to calculate this by showing the investment contribution as a negative number in the first column, then the cash flow from operations, refinances, and sales proceeds (added together) each year in each adjacent column.

Neighboring houses on the same street had completely different layouts, different mechanical systems, and differing degrees of functional obsolescence.

I'm hoping to pull out $800k-$1m to immediately reinvest and allow for this to even function as a cross-collateralization situation, but even though the risk seems much lower than in other types of lending, I'm not seeing a clear path forward. 

Some SFRs will also replace older still-functioning items based on their age and likelihood to fail.

I've tried every real estate strategy and they all work well, but systems need to be implemented in order for them to function with less headache. 

We refurnished the cabin with functional antiques and played up the "oldness" of the cabin.