Personally I like the BRRRR method, and I think it is very interesting because it needs so many skills to do.. finding the deal (knowing how to evaluate a possible deal, knowing your market), estimating rehab costs, networking to find good contractors or learning how to do it yourself, how to vet tenants and be a self-managing landlord, then knowing what your finance options are and executing on them, (ideally before you start), and then refinancing to do it all over again, getting better along the way. 

How would a person evaluate a property for the purpose of renting it as a vacation rental? 

Honestly I'm not sure how to evaluate operating expenses without a %.

You bring up a valid point, and I think it may be best to re-evaluate the numbers. 

I'm looking at a couple of deals, one is a 4-unit MFH (2 duplexes) and the other is an 10-unit MFH, and the former in particular, I'm evaluating whether to put an offer on contingent upon inspection report. 

Don’t cut yourself short, it takes time to evaluate the turnover repairs, pickup all materials and install the materials before you can move a new tenant in.

., I mean helping the seller realistically evaluate what allowing a little more market time would mean to them - often it's far more than $10K, and usually their expectations are set for days of showings anyway).Allowing the market to set the price by giving the home at least a day or two on the market (more depending on the listing strategy, i.e. when there's an offer review date 3 to 6 days is usually better, but I understand that's not appropriate for all markets) is what allows the market to do what it does best, set the price.If the seller decides to not do that it's just important for them to truly understand what that may mean to them so it's an informed decision.  

Absolutely maybe I could dm you for some zip code insider knowledge when I evaluate.

I will continue to evaluate my plan as time goes on and remain flexible, as many people advocate as being key.  

Just got back from looking at a 4plex in a suburb of Chicago (nice neighborhood). Building is completely tenant occupied with 3-2bedrooms and 1-1bedroom, unit comes with new boiler, water tank and new coin operated wa...