But, this house went under contract in 3 days for $20k over ask, with multiple competing offers, in an area where the average days on the market for newly renovated flips is 100+ days! 

@Chris Kay it depends what level of renovation you are doing!

@Nate Pucel The depreciation basis for a rental property includes the purchase price plus the cost of renovations and improvements that add value or extend the property's life.

.## Strategies: Flipping, BRRRR, House Hacking- **Flipping:** Focus on properties that need renovation but have good potential for resale.

You can still achieve it, but finding deals that actually pencil out on all criteria (low enough purchase price, low enough renovation cost, cash flows on the backend, all cash out at refinance) is pretty hard.

@Jaycee Greene I think she said the purchase price was going to be around $380-385k plus an additional $50k for renovation.

Level of current renovation - quite a few properties in Peniche are left to be renovated providing the opportunity that there will be decent area specific capital appreciation. 

As a beginner investor based in the Seattle metro area, I'm eager to learn from your experiences and share my journey as I get started in this field.My current strategy is to focus on live-and-flip for the first three deals (looking for my second deal) to gain hands-on experience while building equity and learning the ins and outs of renovation and the local market. 

Worth knowing, that it is less about adding “handcuffs” and more about offering a different option for owners who aren’t ready to sell but need capital - money for renovations, maintenance, or any other need.

Renovated Hey @John Perkins, welcome to the BP Forum and nice work!