That's what originally drew my attention to a BRRRR type deal, and ideally take out an FHA 203k type loan to cover the renovation costs. 

Finally    made other arrangements , and cashed some emergency funds ,  drew funds from HELOC I had set up  on previous property, and cash I had saved and allocated for the rehab  and paid cash for it..  

Drew

@Drew Leonard I don't see why you couldn't stay the commercial route, especially if these props have been rezoned, or reclassified by the city or county.

The value of the neighborhood and surrounding neighborhoods drew me to this deal.

What I have seen with the idea of "Brrr-key" would be to have someone essentially quarterback the process.

@all: Seems like my topic drew some attention :) ...

The absolute BEST advice you can receive when asking this question comes from an attorney barred in the state where you are doing business and who specifically practices real estate law (in Colorado I have @Drew Fein on retainer, for example...and I'm a lawyer with almost ten years of practice!). 

I spoke with the family-nice local family (directly related to a very famous former quarterback) and they will make sure rent is paid and if the tenant does not make it they will clear out the apartment.

@Drew AchterI pay $508 per year for the 20 unit plan, that's with the 10% discount of paying yearly.