I'm about to close on my first BRRRR deal with all cash using a combination of a personal loan (Sofi), my own money, and private money.

Verifying if smoke detectors are functioning, appliances are running and water pipes are not leaking is a plus.

AK isn't as competitive market as other parts of the country, but if there's another investor in your area, chances are they have already mailed to the absentee owners.Consider combining absentee owners with other motivated segments such as Owners with Low Financial Stability Scores (FSS) or Seniors with Long-Time Ownership.

At the very least, I've heard 15% combined for repairs + cap-ex. 

Depending on the age of the structure, you may want to increase the monthly repairs + cap-ex budget to a combined 15%, maybe even as high as 20% if there's a lot of deferred maintenance. 

I have two properties (combined value - $1M) in NJ. 

Combine this with consumers' embrace of the sharing-economy, and it's a great time to be an owner.I started an interview series on my blog with vacation rental owners, including a super nice guy on this forum (thanks @Joe Sillaman  )!  

For cash buying (wholesaling), high % equity is super important - otherwise they cannot accept your discounted offer - and you will fail trying to negotiate directly with banks unless you know that world and have proof of funds, etc.Forget foreclosure as motivator - you'd be better off looking at % equity (minimum 40%) combined with other motivators such as:1) absentee owner ("tired landlord" & "2 house payment" profiles)2) probate/estate sale3) divorce4) code violations

But the zoning also permits multi-family, straight commercial (service businesses, straight retail, or a mixed use combination of all.As for how it came about... we were looking for residential flip opportunities in the area and happened on this property the day a FSBO sign went up. 

This property is a bad Buy and Hold AND a bad Flip.Bad Buy and Hold:Your taxes and HOA fee combined are HIGHER than the rent.