Proper research, budgeting, and a well-thought-out strategy are key to minimizing risks and maximizing returns.In the end, BRRRR is an active investment strategy that, when executed correctly, can lead to long-term wealth creation, a steady stream of rental income, and a scalable real estate portfolio.

People don’t want to share their quiet neighborhoods with renters who don’t value peace and quiet and a sense of community.  

And as time goes by, rents will increase and your income will look better and better.My first investment in 2004 made $35 more than the mortgage.

The challenge was balancing the relationship between landlord/tenant and a personal/friendly relationship.

as a flipper, with the participation of a wholesaler and a hard money lender, what actions should I take BEFORE I close and buy a house (tell me step by step please because i dont really understand the sequence of events) and also please tell me when to do due diligence to make sure how much does it cost to renovate the house and is it worth buying this house?

I partner with a rockstar contractor and a top level investor friendly agent and if we buy right and nail our numbers, there is plenty to split at the end.  

@Diego L.That's actually an interesting situation and a case where revocable trust may make sense.

It may be more difficult to get financing and a good rate buying through an LLC. 

As a result, we have significant water damage to the floor and rugs in that 2nd floor bathroom and a bedroom, plus there is even more significant damage to ceilings, walls, furniture, and rugs to 2 bedrooms on the first floor.Our initial goal is to dry as much water as possible with wet-vacs and dehumidifiers.

I currently own two properties - my primary home and a vacation home in Truckee we rent out on Airbnb.