The last few years I’ve seen it as pointless, as it was never a hard rule to be followed explicitly but a suggestion, and it seems like the only ones today who give it any credence are those brand new to REI and have heard it discussed on the older episodes of the podcasts or read about it in the books BP published 5+ years ago.

My firm has a fix to rent product that discounts the interest on the fix portion, and discounts origination on the DSCR portion. 

Then we see if the current tenant later decides to extend or we list the limited open period, often at a slightly discounted rate. 

I like Waco, but I don't see a lot of economic news published about Waco.Any big announcements of companies building or buying there?

If you purchase at a discount, then you'll be capped by your purchase price, not necessarily the as-is value of the property.

Helocs are driven by the Prime Rate which is 3% above the Fed Discount Rate.

are you going to be able to buy deals at a deep enough discount for them to work as a BRRRR? 

This does not discount the fact that these notes have gone bad and then turned into equity..

Take a look at BP's blog where new articles are published every day: https://www.biggerpockets.com/blog4.

He runs an education company and publishing company amongst other businesses and openly talks about giving his money to someone else to buy and manage his real estate (so no material participation).