The building's historic nature (I don't own any properties with structures less than 100 yrs old), its prime location in an upcoming part of downtown Jacksonville, and its price.

I have recently opened a line of credit to be able to do something like the BRRR method, by buying a cheap/ rough property and improving it with the line of credit and then refinancing it once its completed in order to "recharge" the line of credit and do it all over again.

@Jason Johnson - given the nature of the building on our lot, the long term appreciation will mostly be in the land. 

If they are using methods #1 or #2 above, their markup is actually built into their pricing!

Interested in hearing more myself - have been toying with the idea as the yields seem high, but naturally cars (unlike real estate) do not hold their value. 

I'm trying to understand this a bit better, hence the reason for the thread, to weigh in my proposed method versus your proposed method. 

I bought it this year and originally I wanted to do the BRRRR method on it but now I just want to get out from under it.

Is there a better method for someone doing their first deal?

Find out how he or she wants to book these types of transactions and then stay consistent with that method.

It seems like many smart locks have too many bells and whistles for this application.Because the basement currently can be accessed by anyone -- I don't want to make any assumptions about who has left things hidden in my basement ceiling or who may or may not be trying to smoke in a basement with natural gas heating fixtures.