Funding this project

[Bradley Scruggs]

Alright BP! I'm going to lay out all the numbers and the circumstances. This is a 4plex, there all 1 bed/1bath. No central a/c. (Rent from $275-325/mo) fully rented ($1,180 which would be 295 a unit.) 3 are currently rented, 1 isn't. Plans are buy and renovate the one unit that is currently vacant. Rent it out. Then refinance. (BRRR) He's offering owner finance for 69k which I feel like he'd take a lower price if I financed myself. Question is though how do you finance when being far away from the property. Do I get local banks here? I'm stationed away from the property as it is back home. I do have my brother in law interested in helping out with the property and being apart of the team. I haven't checked out the property yet, as this is my first time buy so I'm just asking opinions. I don't know precisely what needs to be renovated. Thanks!

[Chris Seveney]

Bradley Scruggs - FYI - when dealing with rental properties under $400 a month you are more apt to have larger vacancies, larger repair costs and higher eviction / legal fees