Here's a construct for how to go about this: * Location* Cash Flow* Property Type* Property Condition* CompsLocation: Decide on a market, neighborhoods within that market, and specific hyper-local factors.An ideal market for many new investors might be one within an hour's drive of home, a place that offers a reasonable blend of long-term appreciation potential in the investor's opinion, while also offering acceptable cash flow opportunities on average. 

Therefore, back-end is needed, and the only effective way to measure the blend is the IRR.Now - for some people cash flow is it, period.

Are most savvy BRRRR investors blending the fees/points into the refi or are they doing their calculations and basing their offer price off of paying the fees/points out of pocket and recouping it on the refi? 

If you can blend the two together maybe you can find an appropriate ARV. 

I now have a ~800k property that I'm purchasing as a second home, closing in 45 days, and have the option of a:10% down, 30yr piggyback, either a 65/25/10 conforming at 3.5% - 4% blended rate, or maybe a 80/10/10 jumbo; OR5% down, no PMI 5/5 or 10/5 ARM mortgage, possibly as low as 2.75% for the 5/5 or 3.25% for the 10/5.I've no experience with either. 

Its a great blend of the classic rock one you had for all those years and your old new one!

Some have even rented to family friends and became a blended family/household.  

They are a bit higher in terms of interest rates, but they let you keep a lower interest first position loan in place and the blended interest rate can be better than doing a cash-out refinance. 

Regarding debt, I try to diversify prepayment penalty risk and interest rate risk (both are risks) and, therefore, have a blend in my portfolio.

Would like to blend SF, MF and Airbnb.