Even better, I might be able to snag it well under market value since it's an estate sale that's been sitting on the market for nearly 200 days.Here’s the challenge: while I could afford to purchase the property under market value, I’d be stretching my budget thin to cover the mortgage during the period I’d be remodeling the basement to make it rentable.

We are asking the current tenants to leave as the property is not in optimal condition we like to have our rentals and we would like to fix it up to increase value and rents.

So, you can also calculate value using the "Income Approach".

I have been trying to get a distressed/value add LTR property under contract in my local market for some time now.

Would the value of the remodel increase the rents or the selling price that would out weight the cost? 

Coffered ceilings, low corner additions etc.Anyone can slap lipstick on a pig, looking for high value add in high demand markets is where the $ is.

In a way, I think the BRRRR process is really the process of "adding value" to a property and then pulling out that forced equity as much as you can.

He's an acquired taste but I've read many of his books and maybe I'm a fool, but I believe he is genuine in his commitment and drive for success.

You can also do value add STR & Multi-Family Rentals by starting with distressed properties and using a bridge loan to acquire them with a lower down payment compared to a DSCR loan.Networking – Connect with local investors, wholesalers, and realtors in your target markets.

A lot of investors start with something that's turnkey with value-add potential.