Part of the process of the BRRRR strategy is the refi portion to get you back some or all of your initial cash invested so you can keep going but not all properties will be in a position to get the refi so that is something you need to consider with your lenders and you should have an alternative for that instance.

I'm all for using caution when running the initial numbers (50% for expenses, 90% occupancy if they are saying it's 95%. etc.), but you also have to look at how many value add plays you have.

The owner is also the real estate agent and she bought the home initially for her son two years ago.

My initial thoughts are to try and find some homes that are 50 years old or less that may need updating.

We do not charge any “pet rent” beyond this initial fee.

@Paul Schaefer  Each lender will have their own criteria, but to initially qualify you're still providing a personal guarantee. 

If he does not like it up it to 345k and initial.

Even initially I’m not going to represent myself on my own transactions.

San Diego is a tough market for cash flow (initially) but adding units seems to be an effective way to overcome the rent ratio. 

This will keep the cost down on the initial inspections, but still gives you protection if something is found.