We used the basic "Four Square Method" video to determine costs vs income.

I imagine the vacancy rate is reasonable, but the very small town was a concern (and still is) and it wasn't going to be very efficient for my team to operate there so I did not pursue that deal from 2 years ago.

The BRRRR method is great, but I am a bit confused as you seem to be talking about doing it with your current house. 

May seem like common sense, but obviously fraudulent lenders are looking to prey on people that may not be familiar with the financing methods of investment properties (newbies), or have no other financing options. 

Something like putting in a offer of $140k and will beat any other offer up to $150k with verifiable proof of offer.”Does anybody recall this method or the particulars?

There is the positive cash flow while having a tax loss benefit too consider with this method, but if you 'buy and hold forever' (somewhat our plan also) there comes a point where with rising rents and declining interest payments when that tax loss benefit goes away.

Costin,this is common concern among self-directed investors.

Best case scenario ARV 110k purchase 63kclosing costs 2kreno cost 20kCash out refi as 75% has me at 82.5k. so we'd be in the right neighborhood.I'm a little concerned if our reno ends up at 25 and ARV is only 105k, we would be left with 11k in the budget.Is this to close to call?

First propertySmall multi familyNeeding some renovation Wanting low-to-no money down  Third Question:  If hard money lending is a good option for this -- what are the draw backs and what should I be concerned about moving forward with a HM lender?

I'd be concerned about being the first few builders to bring a finished product to market since who's going to want to buy and live in a construction zone.