Different points in the cycle require different methods to succeed.For whatever it's worth, I've been an investor since 2005.

A much more costly option then since materials/labor will naturally be more expensive, all new granite again, all new backsplash, etc. 

This applies not only to being able to get cash when you need it through HELOC's, hard money lending, investor funding or other methods; but also to making sure you are prepared with the right contacts when opportunities present themselves.

Using it as a buy and hold or using the brrrr strategy with this creative financing method.

Using it as a buy and hold or using the brrrr strategy with this creative financing method.

What you should really think about is do I want to own this asset long term, because that is what you will be doing if you do the BRRR method!

I have personally used this method in the Bay Area to acquire additional properties.

@Carl Mayer you can invest almost anywhere, but you just need to figure out what your best methods are for where you're at.

Select your partners wisely - Realtor, Lender, 203k Consultant, and ContractorREALTOR - it's recommended to work with one that has done a 203k in the past so they know what verbiage HUD wants to be added to the purchase offer contract and how to structure the dealLender - advice you to select a lender with verified 203k experience; the lender is the quarterback in the process, controlling the rules, paperwork, processes, procedures, and if the lender does not have sufficient experience with the 203k, your entire process can look like the Cleveland Browns on a Sunday afternoon203k Consultant - the lender is responsible for selecting the 203k Consultant (refer to Lender paragraph above); this person determines the scope of work and pricing for the projectContractor - strongly advise you to select a Certified 203k Contractor; this person does not set the pricing (see 203k Consultant info above) but does need to know the different versions of the 203k, payment methods, timelines, paperwork, and processes; definitely don't want to work with a contractor who is going to "wing it" on a 203k.

Naturally I had a title report pulled and it was clean.