It's more like any other long term holding strategy, with less out of pocket costs, quicker financing of the RE purchase and less responsibilities than a landlord has.

It does appear that all the receipts were accurate, nothing that was purchased that didn’t show up somewhere in the house.

Utilizing a wrap he has a mortgage note as an asset to offset the mortgage he’s still responsible for on the property.  

Thanks for your response.

Hi Ernesto,Thank you for the response. 

There are options like:Private Real Estate Funds: These allow you to remain in real estate but delegate all the management responsibilities to professionals.

The requirement to do this generally involves an experienced GC signing on the borrowing entity as a 20+% owner thus making them a signatory on the loan and responsible for the debt which in most cases is not very easy to find.

Assuming the ARV you mentioned is accurate, at 75% LTV you'd be able to pull enough equity to cover your existing payoff, refi costs and walk away with a good chunk of cash in your pocket.

For BRRRRs, make sure to focus on accurate ARV and repair numbers.

You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.Good luck in your search.