With that said I am looking to do minimal work to renovate the home such as painting and adding new appliances.

If you’re using all cash you can afford to make mistakes with underwriting, or during renovations.

(more legal fees, business fees vs. renovations).Research Points: §1.263A-1T§195(c)(1)Ervin E.

We have $400K into the property between Down Payment and Renovation.

That's most likely going to be a C- neighborhood or lower so there could be more perceived scale to BRRRR, but a tougher decision on how to renovate at that price point and possibly harder tenancies.I would get to real estate investor meetups in your area.

The average for the U.S. in the third quarter was a 28.7% return on investment.It’s impossible to know what every flipper in the U.S. spent to remake homes but Attom said the 28.7% return is within a range that could be easily wiped out by renovation expenses, mortgage payments and property taxes.”My large last extensive rehab was a little unit and I spent over $100k and I have done quite a few rehabs (3 last year, so hopefully my cost is competitive with what can be achieved).  

The property has 7 acres with a 3/2 main house and a second separate 2/1 house (which also needs renovation) with its own drive.  

The difference between the cost for a specific repair / renovation if you have a crew or need to find someone on a first time basis can be significant. 

For that reason my money is elsewhere.You are almost never alowed to do your own renovations, and have to pay an application fee to get approval to do work on your rental.

Find a local realtor that will sell the property when renovations are completed.