While hard/soft money lending is outside my area of expertise, I'd like to discuss a potential levered IRR scenario.Consider a $2.1 million property acquisition (10 cap) using a 1031 exchange with a $715,000 down payment.

And my new MTR tenant demanded the beds get maid and there was no hangers in the closest.. my last tenants must have stolen them.. then they wanted stuff moved from the garage which I told them thats enough I will give you your deposit back and you can go find another fully furnished home in Vegas I am not doing anything else.. they backed down but I know they are going to be whinny this after the last 6 or 7 tenants never heard a peep.. properties needed just light cleaning at turnover  etc.. so some good with some bad it happens.

I would finish 4/6 rooms down there with proper egress and optional ventilation.

For any successful BRRRR or Flip, it all comes down to the purchase price.

It all comes down to your goals for the property, but I think the most important thing is to buy in a good area that will attract good tenants no matter which type of rental you pursue!

I decided to buy the property from my grandfather using a gift of equity, which allowed me to take over ownership without having to come up with the full down payment and pay for the tax lien and his closing costs.

I'm more just tossing the idea around in my head should things get worse in years to come.

This all comes down to how much you are looking to spend and the class of property/class of tenants you want to deal with.

There is also equity pay down and the tax benefits including accelerate appreciation. 

Colder climates see fewer moves in the winter, and things really slow down around Thanksgiving and Christmas when people are busy with the holidays and family.Second, talk to your PM.