It's a very popular way for buy and hold investors to get started and a good way to save money while having someone pay for your living expenses.

@Adam Allard the reason this is such a popular strategy, is by doing the rehab to the property and increasing the value of it, you have "built" the equity into the property.  

@Nick Ferrari SmartMove is popular on BP and actually recommended by BP in the Tools section.  

Here it is:Buying a home with cash has become increasingly popular for many investors but often an investor will be caught with the restrictions to cash out loans if they need to get their money back.

Then why are brokers so popular?

They're by far the most popular in terms of 1st time buyers looking for a house-hack situation. 

It's a fourplex in Norfolk, Virginia, right in the heart of a very popular area for young people known as Ghent.

It will help you sleep at night knowing that you have a million dollar liability coverage in case your tenant gets injured and is suing.I am still learning a lot about Cleveland as I acquire more and more property, but Lakewood is a nice area (for the most part) and there is some appreciation.  

Pull the carpet, go for hard wood instead (in my area the "NYC loft" look is quite easy and popular for the higher priced units, and obviously not much work since almost everything is "exposed") But all in all you'd keep with the theme of the area I'd supposed, matching the conditions of the units whose prices you'd be trying to match.

I remember it was popular at some point for non-EU citizens to buy Real Estate in EU to get access and come there without getting a visa.