This means that BRRRR typically works as a cash only purchase as the homes being in deplorable shape keeps out all of the buyers who are utilizing financing; thus driving down the price to allow a cash buyer to buy so low that they can utilize the BRRRR strategy. 

You can come across several value add deals that you can buy with the cash up front, perform a necessary remodel (I say necessary meaning you do not have to go above and beyond to get a full 75%-80% bank loan), occupy with a tenant and cash out refinance.

And qualifying for citizenship would mean he has a clean background.

I'd also follow-up with your PM and ask, "does this mean that I should expect a drop in vacancy every year around this time?"

That means the owner is skirting (ignoring) the zoning and renting 3 units while only 2 are permitted.

@Jay Barley driving for dollars can mean a lot of  things.

Hi Mindy, when you say "traditional mortgage"...do you mean FHA, conventional, commercial, or "all of the above"? 

If you own a potato and the potato owns a carrot, that means you own a carrot.

Shoot me an email and we can chat. 

Without meaning to sound harsh, you really must research this stuff *before* you find yourself in the situation.First thing you need to do is research (via Google) your county and state rental laws.