Ask around locally for typical terms since these are the costs your borrower will have to pay.Rest assured, if your borrower is active, then he or she fully understands the local rates.

 $12,500 per Month in 'Pure Cash Flow' With Todd Baldwin | BiggerPockets Podcast 392  Rent-By-The-Room to Riches with Todd BaldwinHow Renting By The Room Doubled This Investor's Rental Income | Best Deal Ever Show - Frank Furman  (Padsplit)

@Jesse Hubble - I would say that if either pull all your money out of a deal (during refinance) or leave 10% or less of your money in the deal that is a "successful BRRRR" - assuming the deal hits your other criteria for cash flow, long term appreciation, etc...

I know this is an older thread, but just wanted to add something that might help the community:Each seller tends to provide a different version of a pro forma, which makes it really difficult to compare deals apples-to-apples.In my experience, it’s often better to rely on your own Excel sheet or use a consistent online calculator.

If you have the money to put 15 to 20% down on a deal from the MLS, that is definitely an option to get your feet wet and comfortable with the concepts.

I have a background in construction but definitely use contractors each time I get into purchase agreement on a property to obtain the surest data regarding rehab costs.

What's causing purchase closing costs to be so high? 

Since traditional lending is tricky without a W-2, creative financing like seller financing, subject-to deals, or partnering with others could help you scale without needing 20–25% down.If you're considering larger multifamily (5+), that's a smart move those loans focus more on property income than personal income.

A duplex that fits your criteria in Fresno will sell for about $400k-$500k, which means you would need about $30k for your down payment and closing costs, although sometimes we can weave closing costs into the purchase price either through the loan or by having the seller pay a portion, which may lower your cash needed.   

Secondly, it will generate revenue to cover the costs of my next few homes with 25% down.