BRRRR can work well for a first timer if:You keep the rehab light/moderate (cosmetic > heavy structural)You underwrite conservatively (don’t assume perfect ARV or rents)You have a solid local team (especially PM + contractor)Many first-time BRRRRs fail not because of the strategy, but because people bite off too much rehab or get aggressive with numbers.3.

Moderate population inflows.

Are you looking for something mostly turnkey, or are you open to light or even moderate rehab if the numbers justify it?

@Moderators

By that time we would also have increased the cosmetic appeal of the first house to attract tenants more easily.Summary: Even though the monthly costs on the low money down primary would be very high for that type of property, the combination of appreciation (assuming 3%) and principal paydown per month (assuming 200-250) might make it more reasonable than renting for a few years, and the other house ideally would give us some low to moderate cash flow with similar appreciation and principal paydown to the first house.

It's in a B class area with moderate to high growth area.

To help with the limited cash - there are options to put very little down (5-15%) on light to moderate rehab projects with 100% of the rehab financed as well.

.- moderately high income can not typically write off the passive losses against active income, exception for REP or STR benefit but OP is not planning either.  

For a moderately safe area, that’s typically more than enough.

I offer them moderate 5% increase for the coming year to buy myself some time to fix the siding while the unit is occupied.