Try to get some experience by helping your friend with some of his projects.

I've been a broker dealing exclusively with multi family property over the last 20 years.Landlording is a tough job. 

He will own 1/2 of about 4M in real estate after 2 years and is already under contract on 2 more developable projects.

BRRR'ing sounds amazing, until you need to borrow money at 9-15% and have a significant monthly payment and are scrambling to get the project done quickly. 

The objective is to keep as much of your operating capital intact as possible.The goal is to buy, fix, finance, and avoid leaving cash in the deal, so you always have liquidity for future projects.

That is a big lift for your first project.  

We do not factor in capital gains tax in our final net profit projection Hope that helps!  

Keep in mind, while the projected performance is very important it should not be the single driving factor in your decision.

You get to take depreciation on an appreciating asset, you can even get tax credits for various projects and actions which depending the level your at equals a pay-day. 

But even with our experience, it's tough to get brokers to take you seriously.