You'll want to understand what kind or notices and documents you need to get executed to either up their rent or turn the unit.Solid long term tenants are worth their weight in gold in my book so if theres a way to up the rent and keep them happy I's say thats the best route personally.

@Gaurav Vedi this is very thorough.Did you also evaluate the increased cost of compliance, admin, and time you will need to invest in executing setting this up and maintaining it? 

Fortunately for Hunter lenders will hopefully stop this madness before he has an opportunity to execute on this transaction.

Having over 10 years of experience in the electrical field, and correcting numerous poorly executed electrical installations, one of the biggest value adds that I have is this experience.

Here's my situation:- Experience Level: I’m a new investor with a moderate (Still learning) understanding of the BRRRR strategy but haven’t executed it yet.- Business Setup: I’m setting up a new LLC specifically for this venture, which means the LLC will have no prior credit history or track record.- Investment Location: I plan to invest remotely in Birmingham, AL.

Forget about trying to execute a rehab that will cost over 3 times the purchase price. 

ANd actually the referral was to one of top executives on the new build team..

I wouldn't unless i could see a fully executed purchase and sale agreement, proof of funds, and an underwriting approval.

Wondering if anyone ever ended up executing on this (specifically rebating a portion or total amount of owed buyside commission back to yourself as a buyer rebate at the closing table to cover closing costs). 

Open a personal account, use their banking services & if you can demonstrate a track record of executing on the real estate loans they fund for you, these relationships can really accelerate your growth.