but got me to thinking about doing some deep dives into old mortgages.

When we buy un/under-loved property to be a long-term rental, we factor a deep retrofit into our deal analysis and offer.  

This could let you go under contract with him but relieve the pressure of having to sell your property too quickly.If he is considering his own 1031 exchange then you can also benefit by being his best friend and giving him a flexible closing date for your purchase/his sale that starts his 1031 exchange. 

The overall lot dimensions for this property are 165 wide by 50 deep. 

Just dive deep into one or two to start with and you will find success!

This will help you in cash flowing later on and relieve you of major repairs later when you move and rent out (i.e. roof, etc.).

Its very tempting to dive into the deep end but without the right partners I know that is asking for trouble.

The point of the BRRRR strategy is to buy at a deep enough discount so that you can rehab the property, refi at 65% - 80% LTV, and still make money.

I loved the experience and i highly recommend it. if it were me, i would take out a HELOC just as a backup. i think its extremely important to have some sort of fund to pay for the issues that are unforeseen. i would do that now before you get started and just let it sit there. also, of course, you could use that fund your purchase too. i would get the money part set up before you get too deep in the lending process. 

I myself just build new construction in the metro area and buy deep distressed that I hold for maybe 3 new York seconds..