You're also going to need a pile of cash or access to money to get it fixed/updated to your taste and furnished.

The rents have doubled so it no longer is cash neutral (but even though this property has done great, it is one of our worst on-going producers (we did extract over $100K but I am including the $100K in the equation for one of our worse producers)).Your issue, and the issue of many newbies, is that you likely are going to need to purchase near retail at a high LTV. 

I still use a two tone paint scheme in my nicer units in Berwyn, but in tougher areas using the same paint on the doors, trim, walls and ceiling can dramatically decrease your costs long term. 

It's important to understand your exit strategies if you are to need them.

When it is simply run as some after-thought service that investors are going to need, then it will probably not be very fulfilling and you will not enjoy doing it.  

Going to need Powell to cut rates by end of year or it will get much worse. 

It's awesome that we live in a place that allows us to make decisions like this, but this article has the tone of "how could I possibly afford to own a home??"

I'm pretty much describing the BRRRR method using new construction.I figured, why compete with everyone else on a house that's more than likely going to need a renovation and pay above asking price?

Your costs will not just be limited to the individual builds....but you are also going to need to build out roads, utilities etc.

If the work done by the contractor was not permitted, structural work that was not permitted, no asbestos test, lead test, building permit, etc, etc.... you are going to need to sell at a loss to just get out of it.