Then, after 3-12 months, he refinances at 100% FMV and they lend him 75% of the value, meaning that he got all, or most, of his money back in the first year.Does anyone use, or has anyone else heard of, a better strategy than that?

Obviously we have 2 different approaches and it could be useful to show Patrick contrasting  strategies. 

Great strategy, keep it growing!

Check out J Scott's book on Flipping Houses, it would be a good resource if you will go by that strategy, Good luck. 

For me, investing out of state if the better strategy especially starting out.

The following is the strategy I think may work.  

In full disclosure my business partner is the President of the REIA and I am an active component in it as well, but it is a great place to network and learn new strategies and skill. 

Of the little marketing I've done so far just about all the responses I've received have been from absentee landlords of properties with tenants who will either finance no more than 70-80% if at all and won't take as...

My day job consists of being a Product Manager with a large technology company, focusing on helping other companies define their cloud computing strategies. 

We plan to utilize 401k "loans" as well to assist in carrying out the BRRR strategy as well.