Your experience with the 203k is exactly what can happen if they are executed properly. 

I spoke to my neighbor about it who was an executive at 5/3rd. 

I'm a relatively young (35 y/o) professional by day, and I would love to execute a BRRRR once per year; anything more is gravy.

Sutton Bank’s policy is to require all loans be executed in the State of Ohio to protect the cognovit feature on the note

They would rather keep a tenant who can pay less than try to get someone new in,” said Shamus Roller, Executive Director of the national Housing Law Project. 

My broker thinks that it has a great potential to be leased as an Executive Suite or weekly/monthly AirB&B.

Speakers include Dave Madonna, Executive Director of Sangamon County Community Resources (rental assistance, housing counseling and much more).

If you've reasonably accounted for that, and the numbers still work, then the only thing that should hold you back is whether or not you have the ability to execute the business plan.If you think the answer's yes, @Chris Ha, then get after it, son.

BRRRR is by far the best strategy but it can be hard to execute.

They might range anywhere from 2 to 3% for very safe core strategy (stabilized asset in first class location) to multiple double digits for the more aggressive value add or ground up development strategy (with more execution risk but also more potential for a higher return).