Most hit all the bullet points excepting:Spending $175 on renovation and adding square footage or unit count does NOT miraculously convert to valuation.

If you focus on a fixer upper you can renovate in 6 months and refinance on the ARV.You only need to be at a 85% LTV to refinance and its not hard to build 15% equity in a property in this market enviroment. 

I got a very good price on the building (about $25k per door), but it was a ton of work as in addition to tenant issues, there was TONS of physical distress (foundation repairs, sewer line and water line repairs, electrical upgrades, new roof, and apartment renovations needed for all units). 

Renovations, Additions, ADU's, garage conversions, etc.

Just buy and hold strategy for medium to long term.Cant do Forced value or any renovation.

When the houses were just acquired it usually took me two to four weeks to get a tenant in them though I had some that were rented prior to make-ready and renovations being done, that's happened a couple of times.  

Once you’ve chosen a home, we buy it, renovate it, place a resident, and offer it to you for purchase.

I talked to numerous California investors in real life and phone/Zoom calls who have lost money in far away OOS markets, mostly Midwest markets (e.g. repairs, capital expenses, bad tenants, properties vandalized while under renovation, evicted tenant stole all the appliances, property managers with high fees or overcharging for repairs).

I'm looking at properties in the Pittsburgh area as well.Now that a year has passed and you've likely gone through a renovation process, how close or off were these estimates to your actual rehab costs?  

But when the two elevators went down and we realized we were barely able to make DSCR and weren’t cash flowing enough to cover long term major maintenance and cap ex, we had to pivot into Plan B.in regard to renovating in a partially occupied building, it’s a nightmare.