That price range for Portland would be in the fixer range just to buy the house and there are some options to buy depending on how deep of a BRRR you want take on. 

Also, it depends on what you define as great.

This would largely depend on your investment goals, risk tolerance and preferred strategy.

Luckily the State of Florida restricts municipalities ability to restrict STR's since 2011 so one less thing for us to worry about here.However, I do agree the "bust" is mostly over (depending on market) as we are up 15% YoY on our existing portfolio, but I would stop short of calling it a boom!

There are many Brokers you can choose who give you access to this investment strategy.

General contractor in business for 40+ years with an opportunity to acquire someone else's unfinished rehab for ~$2M with an ARV of $4M - $6M depending on whether we finish the existing project or tear down and start over with a better design. 

I don't know anyone who does...there are plenty of online options and you need to choose one based on the screening criteria.

So it really is going to cost you as low as 20% or as high as 47% depending on your tax bracket. 

I would scour any documentation that gives you a leg up here as @Jeff S. hit the nail on the head this is something you should review before choosing a lender but all is not lost!

If you choose to use this technique these are some of the Pitfalls to watch out for.Subject To Pitfalls1.