I'm looking for a 3/2 with 1-2 car garage, simple home, the 1% rule is somewhat close to my goals as for flow that I'm aiming for.  

If you want safer investments, you give up a greater potential reward.Betting on appreciation in the future is a lot riskier than analyzing current cash flow and making an investment based on that, but it could end up with a much greater return as your family friend noticed.It all comes down to what is your risk tolerance, and what are your goals.

With the BRRRR strategy the primary goal is to be able to refinance out of the acquisition financing and pull all my cash investment out.  

If this is your goal, read on.Usually when people say "wholesale" they mean assigning contracts.

I totally agree with you, Anthony, and it makes much more sense to me now after reading your response, so thanks again for sharing.Another long-term goal of mine is to own and operate a vacation rental in Orlando/Kissimmee.

Our preliminary 5 and 10 year goals are $1M and $10M in leveraged assets, respectively.

It was all rented, good cash flow after all expenses paid, got a good price (needs TLC but not falling down, hey, its all rented) so I can rehab later (little by little), maybe do brrrr and my goal is to pay it off in about 5-7 years. 

Our goal is to rent the back unit out for a couple years cutting our mortgage payment in half or so while we stockpile cash for our next deal. 

Any other time to target (Spring to early summer) or is the main goal just to lock in a good deal and take it from there? 

The goal into looking into this was to see if there were any advantages to my father renting this house back through the LLC vs. owning it as his personal property.