I know that it eats into profits but it is something to consider for at least your first rental.

I'm in the Tampa Florida area and we charged 20% of gross profits.  

During the last two years we have probably not “Gained” $2mm in profit or equity because we took a defensive approach.  

Market Selection: What factors do you consider when choosing a profitable location?

The idea is simple: purchase a property, live in one part, and rent out the rest to offset your mortgage or even generate profit.

The borrower must have a good deal from which they will make a fair profit.

While I would have built $150,000 in equity, the cash flow simply doesn’t work.Now, let’s compare this to the market conditions when BRRRR was highly promoted (pre-2020).Interest Rate: 4.75%Monthly Payment: $3,057/monthRent: $3,600/monthIn this scenario, I’d be making over $500/month with $23,000 left in the deal, resulting in a gross 26% cash-on-cash return—an excellent deal.As you can see, rates and prices play a critical role in the viability of the BRRRR strategy.

You're not in the position to be a cash buyer...as a former wealth manager, it's simply not a good play for you for many of the reasons stated above and more.  

And there are landlords who only care about maximizing profit and nothing else.

Its a good thing they profited, because projects can go south sometimes and then that really hurts.