There are two primary reasons for this: 1) The number of gig workers in this country has increased from ~40M in 2016 to +58M in 2023. 2) The number of illegal immigrants in the United States is estimated at 11.5M (varies considerably by source). 

He tells me the property has been vacant since October 2017.Note that Oceanpointe deposited rents from October 2017 through March 2018.3/28/2018 - I sign the contract to change PMs to Wilmoth Group;4/2/2018 - The Wilmoth Group PM sends me many photos of the destroyed property, including what appears to be an abandoned stolen vehicle on the premises; they estimate a cost of $12,000 to $15,000 to repair all the issues; PHOTOS4/2/2018 - Reply from Clayton promising to make needed repairs4/3/2018 - Clayton Morris emails me that he is checking out the house this morning with his team; that it’s a good property and that OP will fix it on their dime.

Hi Tony,Have you gotten estimates from other title company?

A national auction house estimates $700k, and a local agent estimates $600k. 

In this example, the borrower estimated the ARV between $270k to $300k.

If I'm trying to determine how much to rent an LTR for I'll also use Zillow to see what others are asking for similar homes and how many people have reached out & applied.If I'm trying to determine how much to rent an STR for I'll use the enemy method, AirDNA, and estimates from property management companies.

The $550 was a good faith estimate based off of quotes I inquired from cleaning services in the area.

I can sometimes go higher...but if I know 75% then I at least have a pretty close approximation of what I can get on both lending steps of the BRRRR Method.Now, what lender to use?  

I wrote out the estimates/invoices based off of work that I had done with PM's contractors. 

Get some estimates on what it would cost to finish up and of course, figure out how much the ARV will be to see if it is worth what the contractors are charging.