Hello BP, I have been looking for 6 weeks now as a cash buyer to do my first BRRRR deal.

A lot of accountants now say that it is perfectly fine as long as it is documented as an arms length business like transaction.  

Into yourself, learn a skill and use that to increase your income & generate more cash to really invest.

Quote from @Min Zhang: I personally love the Cleveland market for its cash flow.

Hopefully you did not pay too much for the dirt. 1 acre is optimal these days because of desired double to triple drive thru for QSR.It can become a problem because if they make the building smaller you get less rent but they do more sales.Example a QSR used to be 3,000 to 4,000 sq ft but now instead wants double drive thru's as not many go inside for fast food like pre-covid.If you get 1,000 a foot less at 30 a foot you just lost 30k NOI and now at 5 cap example paying all cash NNN once developed you have lost 600k value.It can fine as long as you do not overpay for the land.

I’ll take  a year or so to refinance those into a long term loan and then use their funds for a different property.

Purchase price: $310,000 Cash invested: $20,000 Bought and lived in while making upgrades with the intention to rent out.

It certainly could improve your cash flow but it won't help with finding prospects, screening tenants, maintenance, deposit dispositions, etc. 

But its lifeline is the single I35 highway running north south...In terms if Economic development- I can speak for Hutto, they are take big steps to attract investments that is boosting the local economy.

Due to multiple offers, we paid cash, but have a mortgage on our primary.