The majority of inventory in Milwaukee that is listed on MLS as an "investor special" or with "value add" etc, typically does not have enough spread to exit a deal with no money down post refi.The common rule talked about with BRRRR is the 75% rule (you want your purchase + rehab costs to be 75% of the ARV).

Some contractors are also willing to give you contact information of their clients so you can talk to them and gain insights.

Sounds like "repair guy" is talking about support/framing under the tub/patch vs just patching it from above without any "structural" support. 

Hi BP,In preparation of talking with a local realtor about a triplex I found, I wanted to know in addition to the below questions, is there anything else I may want to ask?

I hope this helps, and if you need someone in the area to talk to let me know!

They talked about the risks, but feels very bullish - My father-in-law is extremely stressed about this since we won't hold the title if anything goes sideways.

This is a learning experience and talking to lawyers, inspectors and insurance companies is always helpful in the long term.  

this is math right out of a TV fix and flip program that just talks gross numbers and never any nets.. 

Use your home equity line of credit to talk to a money guide and find someone with experience to help you.

Give me a call if you're interested in talking further.