They're just not calling it a fast one, because their business model doesn't figure that you'll know that the interiors of carports are finished in weatherproof siding and not drywall, as Brian indicated above.

Our model is the BRRR (buy, rehab, refinance & rent) with legal basement suites but we add a RSP second mortgage on the back end. 

Our business model supports having a healthy blend of both: 1) Properties we own - allowing us to create value through equity and 2) properties that generate passive income for us would the financial strains of ownership.We just acquired a SFH 2 weeks ago.  

Assuming a scale for A being Best and D being the worst neighborhoodsBuy cash flow properties in ideally B, B- To C+, C areas with good economics jobs etc.So if someone says they need $ 8000 in cash flow per monthWe would build the model as follows.

Use Biggerpockets resources, read and don't invest until you visit the market you want to invest.I started out looking into turnkey model and visited several areas including Memphis before decided to go on my own route in NWI market.If you decide to enter in NWI market in future, I will be glad to help.

You've got some time but you may want to think about a model that is buy, fix, rent, then evaluate after a year or so to see if you want to continue holding it as a rental.  

Yep, the refi till you die business model never ends.  

For sales comps the biggest advantage of public records is that they will include non-MLS transactions.Everyone should keep in mind that value estimates like ours or the Zillow Zestimate (known in the industry as automated valuation models, or AVM's) are based on public records data and therefore don't take into account things like curb appeal, view, home condition, landscaping, etc.

@Nick Britton I know he said that the entire job would be about 2800 for a higher end model. 

In the end, you need to perform your own risk assessment and decide what is going to work for your model.