Areas like Downtown, Summerville, and West Augusta are particularly desirable due to their proximity to amenities, universities, and employment centers.In terms of your preferred strategies, it would be helpful to know what type of lending you plan to use.

I think this will be the short term realization, and anyone that did not wait on the sidelines and jumped in with the intention of a short-term re-fi might have to tap out. 

The structure will depend on the down payment, quality of borrower, terms of note, your cash out of the note sale needs, and other factors. 

What if franchising is part of the strategy, with a long-term goal of acquiring properties as well?

Think of it as s long term investment that will save you headaches down the road. 

Phoenix contains a rare combination of elements that have created an outstanding market for distressed property investments, including the following:Cost Savings: Distressed properties are sold below their market value and enable investors to take hold of properties at a trifle compared to traditionally listed properties.Strong Market Fundamentals: Being among the fastest-growing cities in the country, Phoenix ensures a high demand in housing and rentals, hence good potential for resale or income from rentals.Value Creation Opportunities: Most distressed properties need renovations; thus, such situations present opportunities for investors to increase equity by adding value.Population and Economic Growth: Phoenix remains among those cities in the country which are attracting more and more residents and business; therefore, this presents good, long-term appreciation possibilities of property appreciation and income creation.Challenges to ConsiderWhile the rewards can be great, distressed property investment is not without its challenges.

Seller Financing / Sub-To: Take over payments or negotiate terms with sellers to minimize upfront costs.  

Plan for the long term, if something is damaged, don't repair it replace it.

I do a bit of flipping, BRRRR, long term rentals, and wholesale.

Here is another post on this subject from BP:Learn to Live Life on Your Terms through Real Estate Investing on BiggerPocketsPlease note I have not taken this course or have info on it, just posting what I found on a quick search of this site.