The only "technology" I might consider offering is a security system if a tenant really felt unsafe, though they can easily get their own.

Is anyone able to answer which is method is the cheapest.

I have a lot of friends still in the area and a great property manager that only charges 7%, so it feels secure. 

I know you mentioned potentially a larger security deposit or paying six months rent upfront, but I have a feeling holding her to different standards than other tenants might cause you some issues based on information I have studied (I haven't finished the course for my real estate license yet and I'm no expert or attorney), but better safe than sorry!  

Sorry I've absolutely combed forums looking for the catch in this method and I can't seem to find these specific answers..BTW, thanks SO much you both are insanely helpful. 

I think it is a great long term strategy.However, I am also a value investor and I follow Warren Buffet's methods and I only buy when I see value.

It's great to hear that the method works and can be used for multiple properties.What's the thing you remember most about investing in the first property?

I'm curious about using the BRRRR method and how the bank preapproves an investor with multiple mortgages.

Now $685 was from damages that I could deduct from the previous tenant's security deposit.

@Julie NearingHi Julie  for the most part it all comes down to which method (operating as a triplex or as a fourplex) is producing more rents/income.