When analyzing investments, factor in potential vacancy rates and repair costs to estimate reserve needs, considering unexpected expenses like appliance replacements or eviction proceedings.

Interesting idea, but I doubt that will happen, depending on what condo complex it is and he probably wouldn't like the interest rate. 

So, I am going to throw out my thinking on something to get started and wondered if someone could just let me know if it seems like an okay idea of not.I am currently in a home (VA loan) that is costing me $4054 a month (haven't even been in the property a year yet and have a 5.75% interest rate). 

While the 4.9% Cap Rate may not be high, it may be fitting for the risk/area.

most states you need to have a Brokers license to do that. as @Linda Weygant had mentioned, you are now taking passive income and turning it to Earned income where you will be paying self employment tax, insurance for the co. and possibly a higher tax rate.

-What are the interest rates and how do discount points affect those rate?

I can tell you the majority thought this year was going to be a landslide victory in hopes of interest rates going down by March.On top of that, another big flaw I find is agents not knowing how to properly comp houses and run numbers.

They currently manage over 650 rentals in Memphis and are growing rapidly while still keeping their vacancy rates super low!

Getting large quick doesn't mean you can stay large.Regarding their historical returns, everything they sold was before interest rates started rising, so their claim of "$0 investment lost" may be more a function of timing than skill.I'm mostly curious about their massive 544-unit which was bought at about the worst possible time. 

While the BRRRR strategy can be highly effective in the right conditions, the current market conditions in Indianapolis (characterized by flat rent prices and high-interest rates) pose significant challenges.