The quad was about 4 hours drive from my residence.So my bird-dog wholesaler (good dude) who has given me some great deals in the past, finds a rundown quadplex in the South.

I had considered BRRR-ing, but find that the mortgage after I pull the equity out will be too high to cash flow on.

This new property is roughly 1,600 sqft, with 3 beds and 2 baths.We see this as a unique opportunity, especially considering how rare it is to find this price for new construction in the California market.

As a first-time investor, you might find it easier to start with properties built after 1975, as building codes improved significantly around this time, particularly regarding wiring and plumbing, which can reduce the number of surprises and costly repairs.

This is particularly important in areas with rent caps because you can suddenly find yourself well behind market values for rent.As for how much, that depends on your market and what rents are in the area. 10% is a lot and you may have tenants move as a result. 

If you can't find what you're looking for, try the Bigger Pockets Fileplace.

I think you are going to have trouble finding currently cashflowing Orlando market properties at todays price and interest rate.

You need to find architects/engineers in your market that deal with this type of project.In my mind, I would like to know what the per unit cost is of each unit.

And yes, you need to find a way to handle them.  

How did you find this deal and how did you negotiate it?