To simplify the scenario I'm envisioning let me put it this way: what does a BRRRR look like when one of the parties contributing to the down payment and rehab costs ultimately ends up being the renter as well?

If those things don't go well, it doesn't matter how great your deal is.

I am curious as I am here in WA as well.

Obtain the necessary insurance as well to guard against any hazards or damages that may arise throughout the renovation process.6.

Our end goal is to be in a position where we can be very selective and choose the clients and properties we work with so that doesn't happen.

@Jaedon StoutBRRRR Strategy - This works well when buying properties below market value and rehabbing them to increase equity.

As important as due diligence, analysis, knowledge of the property type, track record of the syndicator, correctly predicting economic trends, and timing is, the number 1 way to avoid a devastating loss is NEVER INVEST MORE THAN 10% OF YOUR INVESTABLE ASSETS IN ANY ONE DEAL.  

These are great programs to use and NY offers a few as well as a couple of Nationwide DPA's and grants.

With that said, I've done some research on the market and found the following information helpful in my considerations for Phoenix that you might find helpful as well:  Demand for both buying and renting property remains high due to the city's strong economy and growing population. 

These homes are what most people picture as “home” and lend themselves well to coliving strategies.