I want to buy deals for cash flow, appreciation being the icing on the cake. 

They will also have to pay tax on the income which I doubt they are intending to do.You can not have your cake and eat it too, without someone cheating the tax man. 

For all you newbies, If anyone ever tells you this stuff is a cake walk don't listen to another word they say.

Best of both worlds would be to finish the rehab, place tenants and then do a loan-to-value cash out refi and have your cake and eat it too. 

what a story, I wish it could happen here. they are building new apartments here like hot cakes, someday the bubble will pop and I can see that happen here except people will leave when they are priced out, they don't stick around like people in your town does.

I like to think of AirBnB as icing on the cake.

The best way to have your cake and eat it too would be to find a 3 or 4 unit property that needs work, fix it up and refinance.

Once you feel comfortable estimating these figures on your own, it'll be a piece of cake and you won't need to rely on a contractor anyways. 

It does seem like this Agent is trying to have their cake and eat it too.

If it doesn't happen then icing on the cake but if it does it is par for the course and not a shock to you.