The reason to seek out BRRRR deals is to preserve capital for the next project so you aren’t waiting years to scale.

If not you will want to nail down hat cost as someone (most likely you) will have to come up with that $$ right after closing and it could possibly be a Few thousand dollars to get rid of it.

Why spend your money to preserve someone elses’ property?

We work with many institutions and smaller investors alike and again, like Nick, we feel if you nail the "1% rule," then you found a solid deal.   

Do some checking on state laws as you may have to keep apt untouched/preserved for the estate.

If they take advantage of both 121 and 1031 then they will be able to get some tax free cash for their ongoing retirement and still preserve the asset purchased in the 1031 for their heirs. 100% tax free and tax deferred - it doesn't get much better than that.

The last housing crisis threw many rentals a life preserver because people had to rent. 

Fannie/Freddie commonly do some fix up to their reo’s.....from preservation type repairs, new roof, to complete rehabs.

The cheap contractors were nothing but problems bought the wrong materials, over used mud, over used liquid nails.

@David Sumner @Wayne Brooks nailed it.