Partnering with others can spread the financial risk, while seller financing may eliminate traditional down payments.

Is our primary residence and is a long term live in flip. $490k mortgage.

The seller was willing to do a carryback in the second position and the bank was the primary position.

Most of the time, unless you bought many years ago or got some other crazy deal, primary homes don't make good rentals because you paid too much for them to ever really make any money.

Your lender will have the exact details.If the current leases don't align with your timeline for moving in, another option is to explore a DSCR (Debt Service Coverage Ratio) loan or a traditional investment loan.

Unlike traditional bank loans, private lenders offer quicker approval, fewer requirements, and the ability to customize loan terms to fit the project.

If you don't have the downpayment, go make some cash so that you do, either through saving from your normal income or some real estate investing efforts.Your point on debt paydown, although true, is not relevant to the argument of BRRR vs. traditional rental.

Hey Chris would love to visit.  100% of my business is helping clients in all 50 states with purchasing vacation homes/STR properties. 90% of my clients use the 10% down loan because the lower down payment requirement and rates/cost similar to a primary residence.

I am currently house hacking my primary residence in California and just bought a rental property in Indiana. 

The primary form of diligence we see on the forums is "what do you think of XYZ sponsor and deal" whereas the common form of diligence in the space by institutional investors, large investment groups, family offices, and sophisticated investors involves following the sponsor for years, underwriting the deals, validating rent comps, background checks on the general partners, and a host of other diligence that materially de-risks the investments.