I think the price is too high for the rent and subsequent return.

They are very concerned about the shifting of low basis property for high basis property as a way to get out of paying taxes when a subsequent sale then happens. 

As i have not yet done the renovation and subsequent renting of the unit, i can not say the outcome of this quite yet.

But that's not my issue.I am interested in weighing the basic pros and cons of BRRRR vs buying the condo via mortgage with 20% down ($62k for loan amount of $248,000):Note this would just be the first property - my friend and I would like to then pursue multifamily units for subsequent purchases ASAP.Why would it make more sense to use BRRRR? 

The strategy is to keep the property preforming + offsetting our expenses as long as possible by renovating units, bringing them to market, and turning over the subsequent units.

Low risk = lots of documentation and subsequently low cost. 

These agreements tend to last for a year to 18 months, during which time any subsequent transactions would "tail" to the agreement. 

Basically what he did since the early 90’s was buy cheap houses cash, fix them, rent them, then take out big mortgages on them and subsequently not pay loans/taxes etc while collecting as much rent as he possibly could.

They charge $20 for the first pet and a lower amount for subsequent pets.

If the home was inherited with a mortgage and the mortgage company was not subsequently paid off and is now foreclosing, the named defendant will be the now record owner.