We lived in it for a year, remodeled both units and put in place a long-term tenant on one unit and a mid-term tenant on the other.Here's a little more details about this deal:*   Purchase price: $163k*   Financed price: $132k @ 7.625% APR*   After repair (estimated value): $225k*   Gross rents: $2150 ($750 one year lease & $1400 six month lease)*  Annual taxes and insurance: $7000*  Approx credit score: 650 (I used interest free credit card to pay for remodeling this property and maxing it out caused my score drop almost 50 pts!) 

We hired Bildwise for a renovation of our 1965 single-family home that included complete electrical rewiring and updating, roof replacement, light kitchen and bathroom remodeling, new flooring, new interior paint, and masonry repair.

The home is as is, so it needs some repair.  

The building is mostly older seniors and to my knowledge it is in average condition and there are no known major repairs.

Be sure to add in start-up costs such as repairs and furniture. 

.- It's usually not that difficult to make the required repairs - unless the wholesaler & their PMC have misrepresented the condition of the property!

If we go by the BRRRR method, we're already going to buy and rehab it, then would it not make sense to just flip it at that point and cut out the need to deal with tenants, home damage/repairs, refinancing, etc.?

Main things we are looking for are:1) Are residents keeping property in decent shape2) Any leaks or issues that could lead to substantial damage3) Any capital repair concerns (mostly foundation) that we might need to address4) Long term guests who aren't on the lease, pets who they're not supposed to have, etc.We also change the furnace filters (because we don't trust them to do that), clean off the AC units and are considering cleaning the gutters for an added fee if tenants request it. 

We will need to move out and do extensive repairs which will then end up being rented (a delayed brrrr in a way).

There is no telling what repairs or unexpected expenses will come up.