The way a BRRR would work is as described above. 

Perhaps you are not describing your situation clearly.

I still think as long as it's well described and you have a good How To manual in your place, you're good to go.  

Prestigious, coddled and precious suburbs are all around us, but the city experience described above is only available in very limited places in the USA. my2c 

Amortization describes a spreading of the principal and interest amount over a term of years.

@Brett Goldsmith Executor probably is not an accurate term, I should have used next of kin to describe her adult children who live there still.

Can't have peeling paint or exposed wiring.In the condition you described it shouldn't get passed an FHA inspection or an FHA appraisal.You would have to get an FHA 203K rehab loan or another type of rehab loan.Also wouldn't advise doing work on a house you don't own.

@Andrew RiggsThe deal you describe will not create exposure to taxation in an IRA. 

. *** what i described is Wisconsin Specific***

I’m curious does anyone use the mike butler method he describes in his book Landlording on Autopilot?