Awesome thanks!
I'd definitely consider BRRRR. But maybe in these times where ("they" say) a new financial crisis is underway, I'd sell to investors with a profit instead of refinancing. With the first house I have in mind, I'd probably make 6-7 years worth of net rental income by selling to other real estate rental investors.
Also thanks @MJ DeMarco for chipping in!
Flipping can be a good way to create short term cash to work with, but comes with disadvantages as well. Once you sell the asset, that's it - no more income. To continue building capital you have to repeat the flipping process many times. With BRRRR, everry month that passes you become a little bit wealthier with cashflow, mortgage principal paydown, and appreciation if you bought it right.
I know one investor that does 2-3 flips for every buy and hold he does, and he's happy with that strategy.
I've seen flipping go bad too though - buildings with huge problems that weren't anticipated, the town / city making permits a pain in the a$$, contractors that take money and don't deliver results, contractors that take much longer than agreed upon, or getting 70% of the way to your finish line and running out of cash. Problems like these can be pretty common, and even experienced flippers probably won't tell you things always run smoothly.
The reason buy and holds seem more attractive to me, is that there's more fudge room for things to go wrong. You tend to have stable income to help tackle problems, and can better estimate what issues might arise if you're familiar with your own building.
Remember - you only lose money when property values drop *IF* you sell! If you hang onto it because it's producing positive cashflow, and ride the storm out, recessions matter a lot less.