They either pay themselves too much or do not do a good enough job... or both. 

Then I look at bedroom count (I like 3 bedroom properties but I will buy some 2 bedroom if they are a good enough deal).Then I look at the pictures to see the extent of the rehab needed and to see if there is anything functionally obsolete about the property such as 7 food ceilings or small rooms with no closets that are trying to be passed off as a bedroom, or a really small kitchen that doesn’t fit any appliances.If the price is right (all-in at 75% of the ARV and it can cash flow about $200 or more and I’m walking into 20k - 40k of equity when I buy the property) and the property isn’t too weird, I’ll buy it.

I am under contract on a property that has numbers potentially good enough for a brrr.

The challenge is that payment on the HELOC, you need to make sure that return would be good enough to cover the payment on that HELOC. 

Is Rental lease agreement on property (1) good enough to include rental income while calculating debt-to-income ratio? 

Seems rare to me personally to find a scenario where cash flow/appreciation is good enough to justify that expense/limiting factor. 

Then measure the garage length and width, and subtract that from the overal number you got from just now and that is a good enough square footage of the house.Lastly you can again via google maps, fond the neighbor's house and find their square footage on zillow or something and just eyeball their size compared to yours and you have a reasonable estimate on the square footage of the house.There you have it!

Since I'm from West Michigan, I would like my first property to be near Grand Rapids or maybe Muskegon if the deal is good enough. 

Purchase price: $77,500 BRRRR I just closed on my cash out refinance for this property and it was a perfect BRRRR with NO REHAB...and, it was sitting on the MLS for 78 days.22061 Shakespeare Eastpointe MIFelt this was a good experience to share.Paid $77,500kRehab: $0 (already had a paying tenant and house was "good enough")Appraisal Value: $102k (75% cashed out = $76,500)"Wait, joe you left $1k plus closing costs in the deal""Na, it cash flowed $700+ a month after expenses for 6 months, I got all my money back"1st Best Part...no rehab2nd Best part...this thing sat on the MLS for 78 days***Note:I didn't go into this deal "NEEDING it to be a perfect BRRRR".

It should also show the upside as being far greater ... potentially good enough that you could emerge from university having earned enough revenue and built-up equity in the property to offset the cost of your education.Write up the business case and present it to the bank of Mom & Dad or Grandma & Grandpa.