I personally would go that route as it would probably be less expensive. 

He knew the person selling this property and asked if we were interested.

I've got little personal resources backing me up but am ready to dive into REI full go.

A new person doing an OOS BRRRR right now is ripe for a loss.

It sounds like this is their personal residence.

I have a lot of personal experience with BRRRR—both from building my own rental portfolio here in Memphis, TN and from helping both local and out-of-state investors successfully scale their portfolios using this strategy.One of the biggest advantages I’ve been able to offer my clients is structuring deals with hard money lenders in a way that allows them to acquire properties with less than $10,000 out of pocket in most cases which results them in massive cash on cash returns!

However, a common benchmark is aiming for at least 6-8% cash-on-cash return based on your total investment (purchase price + rehab + closing costs).Always factor in appreciation potential, tax benefits, and personal risk tolerance.

In 2008 when the stocks went down, I realized my 401k was invested with a person I had never met.

The one who thinks that they are masters of the universe in EVERY area of life, has 30 different businesses, claims to be fit as a fiddle, with a life in perfect harmony, shows off huge toys, has 30 different businesses, including selling their time by the hour to provide coaching... this person is not running a real estate syndication business.

For me personally with the lessons I have learned - I would build capital before buying anything to hold / flip.