I have a rental property that has been paid in full and I want to try the BRRRR strategy..

This was the third time I did work for him and never had a problem getting paid the first two jobs.

I'd rather have an awesome duplex in a great neighborhood than a 4plex in a slum.... if I didn't have any management experience.So:  Go to a lender, get pre-approved for a multi-family residential owner occupied loan.  

Was pre approved but didn't find a suitable property before pre-approval deadline.

Free or paid it doesn't matter.

Not sure what he paid

The only way they lost is if they sold as virtually all Coastal So Cal markets are above their pre 2007-2008  high. 

Additionally, the 1 place is paid off so I didn't have any real urgency.  

gotcha... although if you just hand in the keys your walking from your downpayment and whatever cash you have in it.your sense are correct all these folks singing on massive debt with 5 year calls are taking a certain amount of risk.. just need to look back to 08 09 when no one could refi and all these properties changed hands.. it was not because of poor operators basically it was frozen credit and banks not relenting or walls st.. hedgefund bought said notes from failed banks and refused to rewrite and took the assets.. since they paid pennies on the dollar for the paper.. foreclosing and reselling was still a better play for them.. 

It doesn't say what he paid for them but he bought them in 2007...Downtown L.A has become a lot more desirable since then, so I'm guessing he made a nice profit.