Cash-Out Refinance: If you refinance the property, you can pull out cash based on the equity, which can be used for down payments on BRRRR properties.Collateral for Loans: The farm can be used as collateral for obtaining loans for other investment properties.BRRRR Investments:Immediate Cash Flow: BRRRR properties will likely generate some positive cash flow right away.Faster Turnover: BRRRR allows you to recycle your capital more quickly, aiding rapid portfolio growth.Initial Investment: $60,000 can potentially fund multiple BRRRR properties, providing diversity and multiple income streams.Farm Investment:Emotional Value: Maintaining the farm within the family has intrinsic value that cannot be quantified.Long-Term Appreciation: The farm's value may appreciate significantly over time, providing a substantial future asset.Monthly Cost: The $400 monthly cost needs to be factored into your budget, as it’s a non-cash-flowing asset in the short term.Decision Points:Emotional vs.

My max budget is $200k for a property (with 20% downpayment).

Well it turns out the overall price they're charging is $89,000 and it is so far outside of my budget I have no way of paying this.Does anyone know how I should approach this?

This would reduce the chances of overrunning their budget, verify work before the next draw and verify permits.

You don't have enough cash and your plan is to borrow money on a project for which you are not capable of developing a realistic scope of work and budget.

Favorite communities are:Windsor at WestsideParadise PalmsSolterraBroadening my budget a bit to 200K-350K, hoping for 4-5 bedrooms with its own pool (open to townhome or SFH.)Anyone have strong feelings about these communities? 

I would focus on purchasing the best property in the best location you can for your budget so it's a good investment.

I would say like in most areas, owning a beach vacation rental is becoming more of a luxury asset class and budget.

This helps catch any discrepancies early and keeps you informed about your properties' performance.Budgeting and Forecasting: Create a budget for each property, including expected income, expenses, and reserves for maintenance or vacancies.

My first LDR was from 2000 miles away (same time zone) with $150k budget.