This topic comes up frequently.

I will be visiting this site much more frequently to soak up any bit of knowledge I can get.Thanks again!

Complete and repeated transparency with the seller up front and you will never have an issue. 

But still want to apply the BRRR Strategy to recoup as much of your downpayment money + rehab money out so you can (R)repeat the buying process and expand your portfolio without running out of capital.

Due mostly to inept investors dealing in options or those who expect a buyer optionee to fail so the can rinse and repeat.

History doesn't repeat itself, but it often rhymes.

Flipping houses is considered a business, and when a tax-exempt entity engages in a business on a regular or repeated basis, UBIT taxation applies.  

Rinse and repeat.2) Sell, collect your gains and pay taxes3) Sell and trade up to bigger and/or better investment. 

I was wanting to refi once I get a renter in and repeat the process but I have just found out that the banks will only refi on purchase price.

Lenders will frequently accept 75% of rental revenue as income, so if your rental has a DCR of 1.25 or higher it will help keep the DTI ratio in balance for future financing.