Louis, even buying a property for $2k might be overpaying for it ;-) These properties always need some sort of extensive/gut rehab, so they are not for the faint of heart (or stomach)!

I don't even think she knew what I was talking about and she had a heavy accent and didn't seem to understand me very well.  

I've even seen agents that will finance repairs with a lien to maximize sales price for their seller.Who you work with matters and will mean the difference between a quality BRRR that cashflows or a property that doesn't work.I love to talk real estate.

I know the 2 str units would represent a nuance to most banks but I've seen a few programs that are okay with it even on 5 + MF.  

-Even if reclassified as real estate, it would still be seen as manufactured or mobile home, and would not appreciate in value. 

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

As a investment property lender we saw a lot of success with flips but an even bigger jump in BRRRR success with borrowers holding as long term and short term rentals. 

It seems a traditional sale gobbles up half of it in closing costs.We refinanced early last year, and another refi would cost ~$5k, plus w/ the LTV, I don't think the numbers work out just right.Too bad we were too naive to even consider those offers when they were handed to us.

You could see an attorney or even better talk about it with your financial planner many have legal tech now that makes it essentially frictionless to get your estate work done and keep it updated.  

The seller is out of state and even visited the project a few times to check on the progress which I think helped him feel good about the whole deal as well. technology made the whole process a lot easier in the interim.