In my View, a good BRRRR is when you are able to refinance on 3-6 months by adding value. this is hard to do in Hot market if you pay retail precises. 

That was the precise advise I was looking for.

Chris Martin I think where you differ from the OP is precisely why it makes sense for you.

A few popped up in Cahokia, but that's a whole different ball of wax I didn't know much about. 

Many lenders are doing periodic occupancy checks and because the property is investment / Rental, if caught committing "Occupancy Fraud" the lender can call the note due, foreclose and the owner is out like the fat kid in 5th grade dodge ball!

I know this is a very generic question. But I just want to get an idea about the ballpark answer.I have never done a full rehab of a 2BR 1BA. Based on what I was shown, this apartment is really in shambles.Almost new ...

And while it can still be "a deal" at that point, as Warren Buffet says: "It is better to be approximately right than precisely wrong."

You need to make sure you offer with a good amount of lease option money to the seller and be fair with your expectations or the minute they run a ridiculous scenario/ offer by their attorney or realtor, you're out like the fat kid in 5th grade dodge ball! 

I’m not sure these are motivated owners or not and I wouldn’t want to come across as someone preparing a low ball offer and end up pissing them off.

My concern is that I don’t want to be “low balled” or miss something on the deal, especially since this would be my first property.