First property to test the waters in Tennessee, rentals are very hot in this market and we are cash flowing positive to allow us more confidence to continue to acquire additional properties at better negotiated purchase price.

I have no immediate desire to sell houses, but it could be a helpful way to earn money plus I assume I’ll learn the ins and outs by acquiring the license.

I have personally used this method in the Bay Area to acquire additional properties.

@Joe Homs  Yes I’ve acquired some great appreciation value which I may try to use toward my first investment. 

I intend to keep acquiring [cash flow positive] rental properties through BRRR and hold them long term.I have quite a bit of friends and family who also wants to 'invest in real estate', but don't have the time or are in geomarkets that aren't ideal for the BRRR strategy.Have any of you partnered with multiple investors to raise a fund that is specifically used for acquiring longterm rentals?

If the tanks leaked, remediation and cleanup will have to be done, and the property readings will have to be under maximum allowable percentages of contaminates for a certain period of time before the property can be re utilized.As to the asking price, either the seller doesn’t really want to sell, the seller wants to see if he can find a sucker; or possibly the value of the land for future development is much more valuable than the existing use.But assuming that the latter is not the case, what is it that attracts you to a deal priced over twice market value with a possible environmental problem to boot?

Never acquired the deed.

I live in Texas and was told by the lender representative I qualified for a HELOC on my home. I was really excited because this was going to be an awesome investment stream. I received a phone call from the loan speci...

Would you acquire a property for BRRRR if it just needed cosmetic work like paint and flooring and would likely qualify for a conventional loan? 

(Your equity is $400k - $100k = $300k, but this number is irrelevant for taxes.)If you want to do a completely tax-free 1031, you would need to acquire another property worth at least $400k and take at least $100k in debt.