In that case, if a deal is hot enough, why wouldn't an end buyer go for it? 

You have $30 per month to pay for roof, appliances, hvac, hot water heater, bath and kitchen remodels, etc. 

Hey @Adam Rudolph, in real estate investing there are always deals around (even in a hot market).

Things have definitely changed in the past year with Covid but I've still got some favorites like Gatlinburg/Pigeon Forge, Branson, Poconos, Broken Bow, Hot Springs. 

Right now, it's come off of almost a decade of white hot to a more "normal" pace and inventory. 

I'm curious if BRRRR ("fix & rent") works in the Nashville metro area.

Let's say 12 apartments, 1 hot water system providing heat for the common areas and each individual apartment.

In California, I don't think I've had a single person in that income "goldilocks zone" (high enough to justify a mortgage in the amount desired on a 2-4 unit, but not so high they're over the income limit -- not too cold, not too hot, juuuuust right) since they made that infamous change in July 2019. 

At least make sure you have the essentials; location, views, hot tub, nice decor.

However, if another investor brought me a personal deal, I'd likely give them 1-2%, depending how hot the lead is.