On the bright side even if it the note doesn't work out the way you planned there are multiple other strategies you can implement incase things take a left turn. 

I would like to implement the BRRRR strategy out of state.

Marketing strategies differ between locations and the times (what worked last year may not be effective anymore).A question I have is: If you have a limited budget ($700/mo) for marketing, what would be the first 3 strategies you would implement immediately?

Finally, from a lender's perspective, lowering the LTV percentage increases the DSCR (Debt-Service Coverage Ratio).Manage WellIf things get scary, do NOT stop implementing your preventive maintenance plan, as that can lead to a downward spiral.

All of these "events" sell product and you must be able to implement it on your own when they leave town.

I've worked in construction (renovations, rehabs, residential prop mgmt, electrical) for 13 years and I'm looking forward to learning more about financing the implementation of that experience into a fix/flip and/or rent program as well as meeting new people to collaborate with.

Assuming you can, it looks superior to the LLL implementation. 

This is the reason why I believe that its the right time to implement the BRRR method. 

But there is/can be a very steep initial cost to getting that implemented into your property. 

My plan is immediately after closing to implement a new lease, raise rents, and also require one tenant to vacate as I will be occupying one unit.