The seller’s most recent counter-offer was 90k for 30-40 day closing with a 10k non-refundable earnest money deposit.

Also, your total returns go down without any leverage because you lose the multiplier effect of appreciation.Now, to answer your question.

We distributed profits to investors quarterly and returned a 45% IRR to investors annually.

@Ryan Williams - Leverage always increases your returns.

Indeed, the FAIR ordinance is anything but fair to non-corporate landlords, seemingly punished for investing in rental houses to generate income as an alternative to stocks and bonds.A handful of opportunists likely could learn to exploit these new rules, preying on otherwise law-abiding landlords to obtain legalized shake-down payments.

Then don't rehab for zero COC return.But if you can spend $3000 on the lite rehab and increase rent from $1000 to $1050 then you'd gain $50 per month.50 x 12 = $600 more annually because you rehabbed.600 / 3000 = .2 or a 20% cash on cash return! 

So that’s a 8000% tax free return.

As a non-resident, I’m finding the process challenging due to factors like high upfront costs, foreign buyers’ taxes, and financing limitations.I’d love to hear your advice or experiences regarding:•Strategies to manage the high initial costs and foreign buyers’ taxes.

I now monitor the owner's equity, return on investment, and other factors and then proactively reach out when they are ripe for selling, exchanging, or adding doors.

You can certainly leave money in your BRRRR - it doesn't have to be the "perfect" BRRRR that so often is talked about where you pull all of your investment out and then some and therefore have infinite returns.