The devastated community might take years to recover (or never recover), but your costs will continue (debt service, taxes, insurance, utilities, etc.).Meeting the above financial independence requirements depends on the city where you invest.

Still up to me to properly utilize it and get the deals contracted.

Thank you again for your response and insight.I have most luck utilizing the local MLS for minimum 6 month leases under furnished rentals  

How could I best secure financing for the renos to get each unit up and income producing?

Hey Laura,So I can't help with the true GAP funding, but I might have some ideas on how I could help utilizing the seller financing and transitioning it to something long term. 

Originally posted by @Jack Grove:@Okansa Patrick Were you required to utilize a hard money lender when dealing with New Western?

Each property has two savings accounts - security deposit & reserves, and one checking - mortgage payments and utilities 

It’s not about leaving BRRRR behind, it’s about expanding investment strategies while still utilizing what works.As for investors passing on distressed properties, it’s not that they don’t want to deal with permits, contractors, and tenants—it’s that they’ve realized they can apply the same effort to larger asset classes with a bigger return.

Hey, if you can find me a $500K property that is producing $133K in annual rents, I’ll buy that yesterday!

Buy box: Location: Approx. 30 min drive to Boston Heights, for workNeighborhoods: Decent walkability score - not far from shops/restaurants/trendy neighborhoodsIdeal tenants: Close to hospitals/universities/schools for professionals/students/familiesBudget: $175-250K - Buying w/conventional loan, 5% down/ approx 20K reno.Property type: MFH 2-4 units - preferably side-by-side, with a yard we can fence for our dogUnits: 3+/1+ - better if 1.5/2 bath per unitTimeline: Plan to live there for 2 years, but possibly only 1 year if we find another investment opportunityGoal: Focus on appreciation - would like to see cash flow in year 2-3 (the year we move out), including overhead (Vacancies, Maintenance, Utilities) and budgeting in PM if eventually we don't manage ourselvesValue add: Opportunity for some forced appreciation, but not a full reno - cosmetic upgrades and updating kitchens/baths while we live in one unit.