I work primarily with investors focused on short-term rental–friendly oceanfront properties, and something interesting has been happening here:Many of my clients are applying a modified BRRRR strategy to dated oceanfront condos — essentially:Buy older, underpriced units in established resorts → Renovate to STR-grade finishes → Rent on Airbnb/VRBO → Refinance after 12–18 months based on new income comps → Repeat with equity pull-out capital.Even though condos can be trickier with financing and HOA dynamics, the math has worked surprisingly well when:The HOA allows STR operations.Renovations target higher ADR and occupancy.The appraisal reflects short-term rental income rather than long-term leases.I’ve noticed this approach works best when you treat each condo almost like a “micro–multifamily” — tracking cash flow, management efficiency, and appreciation just like you would for a small apartment deal.Curious — has anyone else here applied the BRRRR method to condos or coastal properties instead of single-family or multifamily units?

I'm shocked that you could get a full bathroom and two bedrooms in an unfinished attic for $50,000, let along paint. 

So @Daniel Bourdeau do find that a lot of times the higher Chicago HOA fees kill the chances of AirBnB working in some of these condos?

With a condo you’ll have to search a few things. 

Quote from @David Barrett: ARe there any DSCR lenders that will close on a condo currently under structural renovations?   

The landscaping company broke the sliding glass door to one of my condo units because a rock was ejected from the mower.

I would like to turn my garage into a one bedroom/studio or ADU type of thing and would love recommendations of someone that can do it for me.

Pending litigation: Lawsuits involving the condo association, developer, or sponsor.

A condo we are interested in purchasing is currently under the attorney's review.

A decent carpet in a bedroom should last 10 years easy, longer in 4+bedroom houses where bedrooms are often offices or storage areas.