One other important element to consider here is that if you need the rental income from the property that you are leaving, then FHA will require that property to have 25% equity. 

I'm keen to work with local real estate investors, particularly high-end developers interested in a partnership with someone who is interested in handling the interior design element of their projects. 

The necessary elements are: an express or implied agreement; a common purpose that the group intends to carry out; shared profits and losses; and each member’s equal voice in controlling the project.

I would say, on very rough pricing from them, you are looking at rough estimate of $10k - $15k for ESA (Phase I environmental site assessment), PCA and Zoning and ALTA survey reports. 

Phase 1 Environmental Site Assessment (ESA)2.

Inspections will include not just a physical inspection of the property, but also engineering assessments; environmental assessments; zoning and permit inspections; leases and service contracts and finances (3-5 years, preferable prepared by an accountant).   

You can limit inspections in your offer to catastrophic plumbing, electric, foundation, structural or environmental issues.

So, short term losses are washed out by years like 2018 and 2019, which "ran" for well above 16%.There is an element of "luck" here, like any of the FI pandits will acknowledge. 

The most important element of a BRRRR is your cash reserves.

Unoccupied real estate is often hard to insure and can quickly attract a bad element.