But again, if you're going to take it down to change out furnishings anyway, then the timing could work out well.

With all this information you get a total out of pocket estimate, net cash flow and total ROI, which takes into account estimated vacancy (~10%) and property management (15%) and a maintenance/repairs budget.They have target cash flow and ROI percentages for every market they are in, and if the numbers don't work out, that deal never makes to the investor. 

I wouldn't say I necessarily do any as Brrrr because there isn't that flexibility to refinance at will so I'd call them more-so value add than Brrrr but end of day, yes they do work out like a Brrr just with determined date for such. 

How did the cash flow work out?

I appreciate how @Scott Trench is publicly giving his research, opinion, and what he’s investing in, but has the humility to admit it may or may not work out.

Hope things will work out.

I’ve sacrificed a lot of time with my family, my overall physical fitness has diminished as I no longer work out 6 days a week, and my social life is pretty much nonexistent.So, trust me, I’ve had multiple times that I’ve asked, “why am I doing this?”

If this deal doesn't work out. 

I love that these homes are in class A neighborhoods, I have seen this strategy work out for investors before but they were at least cashflow neutral. 

Hmm, thanks again, I'll recheck some Japanese properties and see whether something there looks like it might work out ok.