Starting out attempting to do it virtually is just another weight you've added around your neck.

Even that REI likes to do 5-10 BRRRR's per year, builds a handful of spec homes (likes new construction duplexes), some fix/flilp for quick sale and is even wholesaling 30 deals per year.Fix/flip gets you faster cash (but taxed immediately), while BRRRR grows more slowly over years.Contrasted with a friend who used $225,000 cash to buy one rental duplex and likes the conservative (no debt) cash flow, the leveraged view allows you to grow exponentially, if as @Jd Martin says, you don't have a recession in the midst of growing your nest egg.Mrs.

Hi, @Christian Chasmer, I assisted in the purchase of 18 unit Multifamily in Everett, have 15% equity on that project and was the guy who put it together I would, the only difference, was price point and few little details, but my company and I that had consulted in deals in 22 states, have found the concept is the same come prepared with money in had and a Local mentor  and you will learn like you did the first time in boston but a lot faster.

There's a better chance that people in your area will see it and/or see it faster when you post specifically under the Minneapolis and St.

How much weight can one give to an appraisal made during the purchase process? 

So unlike most of the previous posters I believe long term that San Diego will continue to appreciate faster than inflation and most other locales.  

I will need to readjust my strategy and criteria slightly to put significantly less weight on built equity compared to CoC return.

However, the one that will eventually get there faster is turning it into a rental. 

One could say that I could repay the installation of the HVAC units in 5yrs and with the rent increase could do it a bit faster. 

Like you said, you already know the answer, but next time you need to buy lower, estimate better, make sure the deal analysis includes financing costs, sub out the work to get it done much faster and likely better.