What I mean is, we use a similar method as his Baby Step #3: Fully Funded Emergency Fund. 

We’ve decided to reinvent the BRRR strategy... ok not reinvent but do it our way... We are going to “Build” Rent, Refinance and Repeat. Quick #’s- Lot 200k- Build Cost 350k (lots of sweat equity)- All in 550k- ARV 72...

I'm thinking of applying the BRRR method to this property, since the comp in the area seem to be around 70k+.

I would like to use the BRRRR method and have calculated my monthly expenses to be around 900-950.

These two methods can be done one right after the other giving you 2 lines of credit in a quick amount of time! 

@Sean HollandAs some others mention, certain methods of self-directing investments are not recommended, but it can be possible.

Here are the numbers of the deal, experience eyes and direction is what I am looking for in regards to setting an offer amount that makes sense for its current worth. 6 unit owner asking/LOI has agreed to 600,0006 unit - 3 2bd/1bth, 2 3bds/1bth and 1 4bds/1bthtotal rents+laundry = 60,100 current/ pro forma= 70,200 (this can be achieved without any upgrades)expenses = 23,000 currentNOI=37,100 using the cap rate (.09) method of valuation = 412,222Got cap rate from a local CRE agentBuilding is 100% occupied.

It is the appraisal district's job to use whatever legal methods are at their disposal to arrive at their own value, which the property owner can then protest.

When we deal direct to owner/seller, especially in the case of properties in distress we  approach it from a problem solving perspective. 

What method does traditional banking use.