Quote from @Stuart Udis: ....But I set the goal of acquiring 50 doors in the next 3 years using the BRRRR method and will then be financially free...isn't that a scalable business :)We see the above type comments from not so experienced investors or business owners all the time being posted on BP.  

My logic went, if the founders/leaders are legitimate, the company and employees should also be good.

These methods include: Detailed Engineering Cost ApproachDetailed Engineering Cost Estimate ApproachSurvey or Letter ApproachResidual Estimation ApproachSampling or Modeling ApproachExperience or “Rule of Thumb” ApproachIt’s important to understand the differences between the approaches including which one best fits your property and the reliability of each approach.DETAILED ENGINEERING COST APPROACHThis approach compiles the costs from construction and accounting reports to build a report.

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.

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

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. 

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.