I was thinking about getting the property, renovating it, and then cashing out 80% of the ARV to get some of the money back.

Others recommend tools like Stessa or Buildium to track actual costs and project future expenses. 

Hey @Brendan Lim, what is your projected 5-year IRR (or Equity Multiple) on this investment? 

Hi all, we bought a STR in 2022 for 380k, renovated it for 200k in 2023, and rented it out in July, August, September of 2023 with an average stay of just under 6 days.

This was the strategy I used for my last BRRRR project.

I like this option better than a Wrap because for me its just easier to understand and navigate, especially if lender calls the loan.With all this being said...I am just looking for those that have direct experience with using Lease to own to get into Multifamily and Apartment building type projects.

With your background as an electrician, contractor, and project manager, you have a unique advantage in real estate.

The one's I prefer handle everything in house, from purchasing the home, renovating it, renting it, then selling to an investor then managing for them on the back end.

Your focus on the Dallas market and Fix and Flip projects sounds solid, especially with the DIY approach and having an interior designer on your team. 

since purchasing the property with a 10% down portfolio loan through a local bank, I have done extensive repair work and renovations.