We have agreed on a buyout price of $100K (initial investment) but he also wants me to pay all closing costs which was quoted $22K - That seems really high so seeing if this is accurate?

So purchase price, as long as you can obtain initial funds to execute the BRRRR (including the value add), has zero bearing.  

Tenants are required to initial next to each paragraph that they've read and understand the rules.

I guess about the only thing that would worry me the most would be that if you add to the existing building, and if the city code has changed since after the initial build, then they are gonna want you to make all the necessary changes to the existing portion of the pemb.

I paid cash initially to win the bid, but then cash refi out 2 months later.

I'm happy to take a look at your link and let you know some initial thoughts.

While the repairs will temporarily affect rental operations, the long-term tax advantages from depreciation could help recover some of the initial financial outlay.In terms of negotiations, it would be wise to push for a larger price reduction instead of accepting a cashier's check, given the magnitude of the repairs and the expected loss of rental income during the downtime.

The quick good/bad of Section 8:- S8 tenants tend to be rougher on the property (but not always)- Paperwork/inspections/etc. can be burdensome and tough to navigate (especially initially)- People often think FMR rates are guarantee rental rates but that's not the case- Usually the rent isn't 100% subsidized and a lot of people don't realize this- S8 tenants tend to stay a lot longer than cash tenants- Obviously, the guaranteed rent portionOverall, I'm neutral on the program.

Our initial plan was to hold it as a MTR (medium term rental) but decided to flip instead in order to fund the purchase of our new primary residence.

I was initially looking for a turnkey property but after finding this deal and going down the rabbit hole it has turned into a BRRRR.Property is well priced and seller agreed to lower price after inspection was done and scope of work completed by GC.