you have to be careful with SFRs that only have gross rents lower than 700. you may not have enough gross revenue over time to pay for that 8k roof.. or other major components that WILL need replacing or major upgrades over a 10 to 20 year hold.

The seller may have discovered something after tearing down walls or he could have underestimated the size and cost of rehab.   

You might discover once you're there that something is missing or the repair is more involved than expected.For me, I like being passive and hire out the jobs so I can spend time doing the higher priority things, like spend time with family.Have a great day!

In the future I'd suggest using only providers who have their own internal property management component and ask for sample monthly reports and a list of current clients. 

The refi frees up cash to buy your next property now.2. the rent and then re-evaluate component qualifies the property for 1031 treatment and let's you keep that 30% tax at work for you instead of going to the government.If you can do a quick refi on this one. 

That said, I've spoken with several investors this year who got googly eyes buying small MF on the West side for $30k/unit...dumping $30k into the renovation...and then discovering the actual market value is $25k/unit.

The cash-out refinanceWhen combined, these components allow you to achieve "infinite return"; you get cash out and are able to maintain ownership of the property.You can speak with banks, private lenders, hard money lenders, or use your own cash to complete the first portion of the "BRRRR" strategy, the "Buy" and "Rehab".Using leverage comes with risks, but many investors find it attractive as it can increase your equity returns and allow you to take on more projects than you would otherwise be able to.Hope this helps,Michael

It wasn't until they realized that the photosharing component was what was the primary focus of their users that they pivoted to simply photos.  

Well it took you several months for you to uncover the issue....how was it then supposed to be discovered in a couple hour time frame from the inspector?

I’ll definitely be checking out more of the Bigger Pockets Poscasts. that’s actually how I discovered house hacking and have been learning as much as I can since then.