I would encourage you to learn the market you plan to invest in now and to continue to learn about the different methods of investing.

Hard to fault her very methodical informed decision.

Was looking to save where possible in this market but the method I proposed is not worth the consequences. looks like 20% down it is!

Any recommendation for the first steps I should take if I want to purchase my first rental property using the BRRRR method (or flipping).

I jumped into real estate doing the BRRRR method, understanding that holding property will allow me to build generational wealth, but then learning that landlord income is not the best way to feed your family.

If you offer more $ for the property than the all cash offers AND you appear to the seller to be highly qualified in the method you are using for sourcing the payment, at some point your offer will be more appealing than the all cash offers.I don't understand why you would consider a 1031 for another property in two years. 

If you have the time to devote to it, direct to seller methods can be very effective, but will take ultra-patience and intensive work. 

Hello @Yvonne Wang,The scope of work should include the following:- Basic info: Property address, client name, contractor's contact info, address, license#'s, signed general/operating agreement b/w contractor and client- Specification of repairs: Repair item, Quantity of items needed, total & per unit cost of items, taxes (if applicable), Completion hours, title of the person responsible for the repair item, written summary describing the work- Add'l info: Schedule of repairs, additional payment schedule details i.e. disbursement schedule, method of disbursement, deposits, holdback amounts, etc.The screenshot below highlights a couple of repair items.

And then you can use that information to start to develop your own personal due diligence method: Crowdstreet.com, 1031 Crowdfunding, Akr7, Finresi etc.

How are you all adapting your strategies with the current market changes, like higher interest rates or evolving tenant demand?