I am on the Refinance step of the BRRRR (Buy, Rehab, Rent, Refinance, Repeat) method for my 2nd property.

May not be able to charge as high a rate/night as the overnight business but I prefer the stability and less hustle in extended stay.Valuation is based on two methods and eventually boiled down to negotiation with seller.  

Nine out ten of my deals come from direct mail and even though it seems very old school it's a tried and true method that yields the highest return.

What has been your method of looking for deals?

I also offered to write them an IOU for double what the course cost if they would accept me into the program and teach me the methods.

And what are the pros and cons of this method.

Again, these are quality leads from a direct mail campaign and other methods.

@Jeremie CortezFor us, all rents get paid into the same account, but make sure whatever accounting method you use tracks payments by each property individually.

Another advantage with this method is you get a chance to make repairs and upgrades before your first tenants move in saving tons of headaches fixing problems of a 50 year old house later.

@J ScottIntent is key however if a pattern of suspicious activity occurs the IRS will probably still have issues with the method used.