For your first BRRRR, finding a good contractor and possibly a property manager is key if you’re not handling everything yourself.

That might include things like adding units, converting commercial space to residential, or finding ways to boost income (like adding parking).The key is recognizing opportunities while walking the property, and that takes experience.

Stay patient, keep learning, and leverage this community for support.

Here’s a breakdown of the key elements you should include in your subcontractor agreement:Subcontractor’s Information:Full legal name of the subcontractor or company.Contact details (address, phone, email, etc.).Project Information:Internal Project ID or Purchase Order Number (if applicable).Project address.Clear identification of the specific scope they’re responsible for (e.g., electrical, plumbing).Project Timeline:Start Date: For the portion of work they are completing.Completion Date: Set realistic deadlines for their tasks, adjusted to your overall project schedule.Liquidated Damages:Specify a daily amount to be deducted from their final payment if they fail to meet deadlines (with exceptions for factors beyond their control, like severe weather).

The key is to ensure the HELOC doesn’t turn into a long-term financial burden if the partnership doesn’t pan out.

These are key reviews for you and your team to review prior to out price confirmation. 

Vitaliy, gave you solid advice and did a good job of explaining some of the key issues.

Two other key aspects that worry me about Japan are (1) generally depreciating values of real estate and (2) generally decreasing rents. 

Putting in place policies and systems to handle that will be key otherwise you'll always be working or at least be on-call.  

As Peter and Jonathan mentioned relying on similar comps and/or local agent knowledge is the key here.