I have already completed one out of state BRRRR, have my 2nd (wholesale deal) under contract and searching for a third with private money. 

By doing this, you put the least amount of money down to buy it (can be as low as 3.5%).

Spend on the big key items (Mattress, Mattress protectors, bedframe, couch, dining table) and save on the other items (Lamps, silverware, plates, end tables, etc) Hope this helped! 

An example of this would be mixing your personal money and LLC money in the same bank account.3.

Run the numbers, does it make money as a rental?

Rental arbitrage can definitely make a lot of money through cashflow if done right.

For example, I know many people who have bought a house in Ewing for $200k and it's renting for $4000+ a month and this person has put maybe $50k into it over a couple years including a new roof, updated cosmetics, and was able to BRRR out all the money.

Of course with myself that simply wont happen :)  I am very straight forward with my business anyone in our business has had bummer deals and lost money myself included..

It is not "funny money".Just for giggles:Mortgage fraud is covered under the 2009 FERA (Fraud Enforcement and Recover Act).

The tenant owes pretty significant amount of money.