The seller becomes the bank and pays capital gains one time on the downpayment (which keeps it low to make sense for them) and then also monthly on the payments (also incentivized to just match how much he wants a month).

When you go inside, you're verifying that the condition and estimated rehab costs match your expectations.

Duplexes or small multifamily properties, even with value-add strategies, rarely match the potential of single-family homes in the right neighborhoods.In summary:Don’t be discouraged by low cap rates—they reflect market expectations of future growth.Focus on single-family homes with high equity potential in desirable areas.Avoid chasing the "economy of scale" myth with small multifamily properties—they often come with higher turnover and lower buyer appeal.Think long-term: prioritize properties that grow in value, even if cash flow is tight at first.

People carry too much debt and even if the debt was forgiven or paid off, incomes don't match affordability. 

And a diversity of natural attractions and landscapes that no other state in the union can come close to matching.. 

To streamline design choices, create a design guide or "mood board" beforehand to stay consistent with finishes that match the neighborhood's expectations.For monitoring progress, a property manager can sometimes oversee construction, but it’s typically better to rely on the GC for updates.

I also agree that RE appreciation is unlikely to match the last dozen years, but you never know.Where I am unsure we agree is that paying $450k to improve the cash flow ~$3k (your numbers but I expect my delta wold be similar meaning both my cash flow estimates would be worse than yours but both would be worse by the same amount not affecting the difference) makes sense especially if the cost of having the extra $450k is only 6% rate which is historically simple to beat via numerous investment options and hopefully no one is investing in RE for an expected of 6%.  

There's lots of definitions and distinctions between the two that get thrown around. 

In Washington State, there’s often a distinction between short-term guests and tenants, but repeated and continuous occupancy can blur those lines.

This is expensive but you'll have a place to work and meet with people when you're in town that matches your online presence.