BRRR's tie up you money for so long, cash out refi's usually offer a lower LTV, and multi's aren't usually distressed like that if they're quality assets.

They're all very high quality with lots of good information.  

Then after you hopefully do that, go find a good local PM company since your self screening methods seem bad.

The property fits all of my other criteria for rental purchase as far as quality, location, rent to price ratio etc......So the question is if we write up the subject to the right way as to be non recourse, is this a doable thing?

Jessica, I recently had a very bad experience due to not screening an inherited tenant who was actually fairly ok for two whole years.

I would say that is usually a bad idea but providing the turnkey has great management in place then sometimes the comfort of top quality rehab and top quality management is worth paying top dollar for.I'll never understand it and would never do it but I don't always think it's a bad idea for a newbie.

Carefully Screen Tenants7. 

It's currently an ugly 1 bed unit and is being converted into a nice quality 2 bed unit.

My previous house (now rental)--built in 2001-- is a KB home and I thought I would never buy another KB home because of the sub-par quality.

Owning a painting business I assume you at least know a few good painters and probably have a good idea of who does quality dry wall work in the area.