Paid in cash, and several upgrades have been made since, so i have a good amount of equity to work with, around 100k, the first property having been bought at 85. 

Buy a property with some equity in it.Rehab it modestly, add more durable features, maybe a nice upgrade like a garage/second living room conversion, patio, or jetted tub.Rent it out at appreciated rental rate.Refinance, cash out at Appraisal that should have it over the original ARV.

Renters are not as picky about specific finishes and from my experience, it is easier to rent a home with average upgrades than asking higher price for higher end finishes. 

Now of course I could have spent more on the rehab by putting in quartz countertops and golden plated toilets, but I decided that was overdoing it for the neighborhood so I went with basic materials rather than upgraded materials for the rehab.The end result is I have have been able to BRRRR the property without waiting the 6 month seasoning period.

One of the disadvantages is that the property will need to hit certain livability and condition standards so if something needs $60K in reno and major system upgrades, you likely won't be able to finance with a VA loan. 

Both apartments are basic and have never been upgraded to date other than new windows I had installed last year.

Occupancy dipped to 84% after many years at 95+% but I believe that doing some upgrading on the interiors as leases change over would allow us to bring that back up as well as bring the rents up closer to the newer construction.Asking price is $12.9M which is $71,667/unit. 

(Ie, Vancouver, where population is growing by 5-7% a year and supply does not catch up to demand)- renting it out can take longer in a large development as you are 1 of perhaps 50 identical apartments for rent (if you’re on the southeast corner, all the floor plans on that corner is the same layout) - selling it in the future can be the same headache (see above)- some of the properties come with all the bells and whistles, such as rental guarantee, deposit incentives, free upgrades and etc, so do not be afraid to ask if you do decide to go ahead.

I would also ask to verify past income and that they had reserves and/or maybe ask for a stable cosigner.I am not desperate for a tenant at this time and was considering doing  upgrades with my free time( which I have a lot of now) and listing again for a  June move in, or later. 

Purchase price: $38,500 Cash invested: $15,000 Sale price: $67,000 Replaced flooring, upgraded bathrooms, new roof, new deck and porch, paint, kitchen facelift, landscaping What made you interested in investing in this type of deal?