Now, in theory, you should NOT have any seasoning on your BRRRR transaction.  

Once the debt is paid all I would need from you is a statement or transaction history to show the new balance.  

I represented myself on the transaction and used my favorite loan broker to get us the best loan pricing.

In general I would say that if you are comfortable with bookkeeping, do a good job screening, you have a property in good condition, and you take the time to properly educate your tenant on communication and maintenance procedures, expectations of both parties, and responsibilities, you'll have no problem self managing 1 duplex on your own with very little time dedication.Typically you will probably spend 15-20 min a month on bookkeeping and entering transactions, and that is about it.

@Nathan G. that would be my concern - that he may be using it for some potential illegal activity.And as far as I know, his wife and him still have the primary residence residence in Chicago.

Plus since there profit has gone from average of 5k to 20 to 30k per deal they only need to do 1 to make the same amount as in the past they had to close 4 or 5 transactions.. 

The information below was provided by a Loan Officer for my Closing Cost as the Buyer/Borrower and Title Company for the Seller's Closing Cost.Loan Information$185,000 = Loan Amount$9,250 = Conventional Loan Down Payment (5%)$4,980 = Estimated Closing Cost: (Processing Fees, Underwriting Fees, Appraisal, Appraisal Review Fee, Title Insurance Services, Settlement Fee, Administrative Fee, Courier Fee, Owner's Title Insurance, Lender's Title Insurance, Recording Fees, City/County/Stamps, & State Tax/Stamps)$2,120 = Estimated Prepaid/ Estimated Reserve Cost: (Daily Interest, Home Insurance, & Property Taxes)$16,350 = Total Cash at Closing from Borrower$1,000 = Estimated Monthly Mortgage Payment: (P&I, Hazard & Mortgage Insurance, & Real Estate Taxes)Seller Closing Cost$0 = Agents Commissions: (No REA involved in this transaction per Seller's request)$900 = Total Cash at Closing from Seller: (Estimated Doc.

In short, you’ll always be a winner in any real estate transaction if you are honest and treat people fairly.

@Aprilila Tran if you're looking to 1031, you need to identify a new property within 45 days and then excute on the transaction within 180 days.

Happy to answer any lending questions you have as I've been through several personal purchase transactions and am familiar from the professional perspective as a lender in the area as well.