Sugar used a HELOC + traditional financing to cover 100% of the purchase price and the property still cash flowed then the HELOC would be "free money". 

I typically don't waste my time trying to estimate/itemize every little drywall patch or crack on a project.Since drywall patching involves very minimal material costs (just tape & mud) I generally just try to estimate the hours it will take a drywaller to do the work.So if a 3 bedroom, 2 bath house needed miscellaneous patching or maybe some wallpaper removed I'd expect a drywaller to be able to get that done in a day (or less). 

I am looking to find properties in the area that I could BRRRR (private money for the cash offer then refinance into a traditional mortgage.)

The most common product is called "Fixall" - it traditionally comes as a powder that you mix with water and apply with a trowel.

They are plenty liquid enough to where they could buy this particular property out right, but they do not have the time to go through the hassle of the traditional lending process...

I have a 3 bedroom property that I think would be great to rent by the room- however up until now, I've pretty much gone the traditional routes of renting.

Traditional BRRRR deals into a LTR that will cash flow on the refi in the ATL metro are fairly hard to come by.

Start small and Make Your Big Mistakes Early.Christian, a small traditional Self storage location in the LA area is going to be $5mm.

Traditional financing.

You will most likely pay more than you would with a traditional month to month rental.