Once converted to a rental, repairs and improvements may qualify as deductible expenses, but pre-conversion repairs typically do not.

I just acquired one from a PM where they were charging a tenant a resident benefit package and a building protection plan.  

Heck, even that mail/package room can be a cash cow!

I was on here pre-pandemic when I tried the STR market.

Oh and it's even more fun when you get a surprise package in the mail with fun stuff and apparel! 

I use a CPA, too, but I like to do my own bookkeeping throughout the year and send him a tax package quarterly to review.  

While I would have built $150,000 in equity, the cash flow simply doesn’t work.Now, let’s compare this to the market conditions when BRRRR was highly promoted (pre-2020).Interest Rate: 4.75%Monthly Payment: $3,057/monthRent: $3,600/monthIn this scenario, I’d be making over $500/month with $23,000 left in the deal, resulting in a gross 26% cash-on-cash return—an excellent deal.As you can see, rates and prices play a critical role in the viability of the BRRRR strategy.

Is this for props that have a foreclosure filing against them so you can get to the actual owners for a pre foreclosure purchase ? 

I discovered this property through an acquaintance when it was nearing the end of pre-foreclosure.

From experience, I’d recommend getting pre-approved, improving your debt-to-income ratio if needed, and researching local assistance programs.