So much better than others that the US was exporting ventilators, masks, medical supplies to rest of world.

These improvements enhanced the property's appeal and marketability, resulting in a significant price increase when we sold it for $135,000.

So in the short term RE investors are left on the sidelines… but BRRRR isn’t dead… it’s just on the sidelines too waiting for conditions to improve to the point where there is cash flow available after the refi.  

On the plus side, if the property cash flows with a DSCR loan, when it comes time to refinance time with a lower rate it will improve on cash flow lol. 

Since our goal is to scale in real estate and we do have the funds, we would prefer to minimize the deposits and invest into reno where necessary and keep the capital for now for improvements, if they arise.

If you plan on purchasing the following year, show your tax returns to your lender before filling.Your statement brought up another great point- properly documenting improvements separate from repairs and maintenance. 

Some house hackers are okay with breaking even in the short term but the plan is to make some improvements to the property to get some cash flow in the long run.

A minimum 20% down payment allows for more cash flow but higher monthly payments. 25% down offers better interest rates and lower monthly payments, while 30% down can improve cash flow but reduce liquidity.

If a tenant is not placed before November, I fear you will have additional challenges renting the unit which likely will not improve until March.  

Also, would making improvements to the property (e.g., converting SRO units to apartments) help with future refinancing?