Based on the condition and what i'm used to looking at, It would be hard to argue his ask.Initial Numbers (combination of actuals predictive, waiting on prior actuals)Asking Price: $400,000Scheduled Rent: $3,900 Tax & Ins.: $850 Other Expenses (maint, capx, lawn, snow, etc.) $411 NOI $2,639 monthly NOI: $31,668 yearI inform the seller that is a little out of my budget with traditional financing as I was looking at that SFR only but asked if they would be willing to provide seller financing.

I don’t want to renovate, take a hit on my cash flow, and then have to wait a year to refinance.

Probably lots of people who 'house hack' will never buy more investment properties. house hack is especially useful in high priced markets like Austin SF  LA  NY  north side Chicago etc. and then when you move on you have a 2 or 4 unit or a home.keep in mind a SFR in Cupertino CA will rent 2 to the bed room for 1 to 1.5 thousand a man.. 

PLUG numbers IE 600 foot of 8 inch sewer at 80 bucks a foot installed.. that kind of thing.there fee and then survey construction sign offs then post pre and post plat monumentation.. 5 to 10k up front can save you 100's of thousands on the back end..

Most landlords would wait for the lease to be up, the tenant to move out, and not want to deal anymore with finding a renter, etc.

@Mark Abbott if this is like the process here in Pittsburgh and its similar to whats called the "Sheriffs Sale" then you will need to wait for the deed to be recorded.

The reason to seek out BRRRR deals is to preserve capital for the next project so you aren’t waiting years to scale.

Is it best that I wait until I have enough money saved up so that I don’t have to take out a loan for my first deal?

His end goal is to refinance with a conventional loan but he wants to wait another 6 months after his credit score improves from his current 650 credit score to receive a better interest rate.

People tend to fall in love with nice hardwoods as well if you can find a place where there's hardwoods underneath the carpet waiting to be refinished that's a nice bonus.