I would be OK with doing a single family and then renting the rooms if that was the only option.

Quote from @Shane Haas: Quote from @Patrick Roberts: From a lender's perspective:If the purchase is made via cash and without any liens on the property or funds borrowed against the property, your cashout options are:A) Delayed financing within six months of purchase, which is treated like purchase money financing.

Most are looking for an option to find a property quickly that they can identify and close.

I will answer as it relates to traditional BRRRR, in the general case there are additional options.  1) Do not perform maximum cash extract.  

I think there are better options out there - particularly cards that offer cash back and other perks.

As things with real estate are starting to pick up for me I'm now getting to a position where I could feasibly have more than one project running at a time and am trying to look at options for how best to keep these straight and on top of all the deadlines.

Another option is to use a rehab-only loan from a HML while going with seller financing for the purchase.

It also depends how nice it is compared to the other options out there.

The more you have saved, the more options you'll have.The road won't be easy, but it will be rewarding in the long term.

Many people start out active because they want exposure to real estate and don't know that you can start out passive - you can effectively hire the asset manager and supply capital to the investment.You can have great success as an active or a passive investor - but it is important to understand the difference and to select whichever option matches your skills and resources the best.Good luck!