State exactly what will be done, where it will be done, who will do it, what materials they will use, who pays for it, when it will be complete, and what happens to the improvement when they move out.

The best indicator of a solid market is if inventory levels are symmetrical to price increases.

You'll likely need to accept poor terms starting out to show them you're serious but I'm sure this will improve as your relationship grows.

You need to have good records that track all expenses as this will be needed for tax purposes. ie, you'll need to be able to identify repairs vs improvements so they can either be deducted from income or be depreciated.

I love reading / listening to books about business, money, real estate, and self improvement. 

When you refi at the end of a BRRRR deal, you are taking a loan as if you had purchased at that improved value.

@Dustin Leonard  Personally I would wait at least a few months as the federal eviction moratorium is expiring and there's speculation that a lot more inventory will come on the market. 

Sellers are in a period of hyper low inventory, and even with higher rates, we are able to help sellers get top dollar when we list.

But we can only administer the 1031 exchange for you by law.There is a way to use profits for improvements. 

Let me know if you need their info 🙂5+ definitely counts as commercial, and that’s why I went that route - because future sales price will likely be based on net income, which I can definitely improve by fixing up this 6th unit and bringing the rent gradually to market rate.