I know two things that you can leverage about these folks. . .If you can get them to invest in anything, it is much easier to get them to invest again the 2nd time (and subsequent times after that). 

I couldn’t recognize one property because it was so beat up by subsequent storms.

Subsequently have purchased >18 more doors through traditional means.

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.