Brownstones in Red Hook, Bedstuy and Fort Greene (the former locations of very run down project buildings) are all now unaffordable to the average Joe. 

@Nick Seginowich I don’t know what the energy code is like where you are looking at the house, but pulling a permit for a full re-hab may trigger updating the insulation, air sealing, windows, etc to a higher efficiency (which can be costly).I would make sure to do your due diligence before pulling the trigger

Read David Greene's book, "Long Distance Real Estate Investing" to get a good grip on how to make this work.

All in One Heloc from Ridge LendingTrustcoUS BankTD BankPenFed credit unionUnion Bank, specializes in noo HELOCArvest BankUnion Bank, Washington StateEast West Bank offers HELOC on non-owner occupied investment properties up to 60% LTV with "no docs".Utah: Americafirst 80% LTV on noo 65% LTV 15 year 5.74%First Florida Credit Union (Jacksonville area)1.99% for 12 months, 5.25% variable 80% CLTV 20 yr w 10 yr drawHurst Lending and Insurance Investment property HELOC in TexasTower FCU, all states except TX, max 45 DTI, green card ok.

This is a topic I would love to learn more about (I am currently reading David Greene's book on BRRRR.).Let me know if you are interested to connect. 

My wife did the design and her former company Green Remodeling did the construction.

Being green in the REI world I still have a tentative plan which is to begin wholesaling and after a year of success begin to rehab and eventually become a renter!

I've been reading David Greene's BRRRR book and have sort of accidentally been using elements of this method for years but have a new scenario with lots of moving parts and thought I would throw the variables out there and see if I could get some help from those of you who know much more than I!

Without the clear direction, you will be learning about anything and everything real estate oriented, taking time and energy away from that which is most impactful.

Buy a property (preferably under market value by a noticeable amount)Rehab the property and add value so the ARV (After Repair Value) is higher and more comparable to properties in the areaRent out the property and create monthly cash flowRefinance the property with the new ARV and hopefully get most of your money back Repeat using the money you just got backDavid Greene's book is a must read if interested in this