I would be careful attempting the BRRRR method out of state to start.

You'll also want to make sure that your rental will be competitive for the area you're in regarding the rental price and quality of materials in the property.

First, I control quality, cost, speed, etc.

I'm currently looking into the BRRRR method (Buy, Rehab, Rent, Refinance, Repeat) and need some advice on structuring a deal for a house that's in foreclosure.Here's a brief overview of my situation:Property Value: According to Zillow, the house is worth $649,500.Current Loan Amount: $470,000, which is the current market value without any repairs.Funding: I'm looking for a hard money lender to cover 100% of the purchase cost and rehab cost.Tenants: I already have tenants in place.I'm working on getting the exact numbers for the rehab costs, but I would appreciate any advice on how to structure this deal effectively.

I usually will say who referred me to them and say that they are a friend, neighbor, family, etc and will then ask what their lead times usually are for work to be completed, how they communicate, are they comfortable working with me being out of state, how do they collect payment (terms and preferred method) and do they offer a business rate?

You should just identify your methods. 

If you can wait 10-15 years, then you can invest in higher quality assets that potentially give you higher yields.

Good agents are a great source of knowledge , boots on the ground and can refer quality contractors.  

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

When competing on quality; owner occupants vs rental neighbors, owner occupants usually have better properties.