Hi Shrijan,Welcome to the forum.Personally, I'm not a fan of out of state BRRRR.On paper it all sounds good and great but I've been in the game long enough to have witnessed otherwise.I would always advise doing BRRRR in your own market if possible.There are too many links to a chain with this approach and if one link is faulty, you chain becomes useless.Otherwise, (Yes, I'm bias lol) an alternate solution is buying turnkey.Wishing you much success 

I see this all the time with wholesalers who send me deals and over inflate the ARV 30-50% where it looks really good on paper, but is not based in reality.  

But I can see if you can’t take the paper losses it being worth it.

When you use a Bigger bank we do not have overlays for the majority of programs because Banks fund and hold their own paper.

This afforded me the leverage of having filed and served, then using that to tell the tenants that if they were out and signed papers releasing possession of the apartment before court then I in turn would relieve them of the judgement for back rent.

Properties, for novices, which look good on paper and have good cash flow usually come with C to D+ areas, risky tenants, and a lot of cap ex that you can't see on the internet (basements, roofs, water issues, outdated mechanicals).You are turning a terrible loss into a springboard which is great, but you are trying to move too quickly it sounds like.

You should start at municipality,with title insurance claim, then try working with seller directly.After exhausting these I would be sitting down with an attorney and sharing the fully paper trail for closing and the follow up with each of the three parties above to file a suit to let the courts figure out exactly where liability rests.

They’re paper tigers.

Hi, Sounds good on paper, but the challenge is that you don't know what you don't know.As long as you do not have someone local that knows the business etc, so that you get a second opinion, I would remain highly skeptical.I got a similar offer for investing into RE in UKI, with 13% ROI.

There are so many threads on BP of investors in the northeast or CA who bought a random midwest property because it looked great on paper and got crushed by deferred maintenance.