However, they require 25-30% downpayment on your first rehab, which goes down with every rehab project to minimum of 10%.See if you have way to pull some cash - 401k, home equity line of credit...I am also on Long Island and looking for properties that I can rehab.

Read property descriptions carefully, looking for mentions of separate living areas, private entrances, or wet bars as positive signs.

~Jam> Three Pillars New Acquisition of Riviera Apartments ~20% IRR > Preferred return - 8% and 10% for class C/A> Equity multiple - ~ 2x

I retain 15% equity in the property and cash flow about $1,000/month

BRRRR has worked for me, but it's been slow going so I went out and sought a portfolio more like these kinds my coworkers have, so I can not just have cashflow but start purchasing large amounts of equity.

If your landlords, are "Equity Play" landlords, you have to find out more of what they want from their investment as equity plays can "break-even" and an Equity Play landlord is fine with that.

I kept a lot of equity in the deal, made my entire investment back when I refinanced and sold the lease option, and cash flow $750/month from this property.

The best way to mitigate that is to BRRRR and build some equity for a cushion for them. 

@Bobby Eastman Equity Bank would finance the deal if it made sense to the.

Therefore the BRRRR will take some time to have positive cash flow which is similar to the rent ready purchased with high LTV.It is a tougher market than a couple years ago.