Grand Rapids Michigan Investing Questions/Realtor wanted.

[Petru Popovici]

Hi Guys how are you? I live in Colorado and have a couple rental properties in Tennessee but have a few questions about the Grand Rapids Michigan market.

So here is the situation. 

One of my best friends is a General Contractor in Grand Rapids MI. He is currently renting a home and would love to live in a home but his credit is not the best right now. Long story short. I would like to buy a home that is within 30 of the BOB area (sorry not to familiar with the area). The plan is i'm going to buy it. He is going to live there and pay me PITI plus a couple hundred, and over the next year he is going to work on it when he is not working. He will do all the labor for free. At the end of the year the goal is to have the house in Tip Top shape and sell it and split the profit. Meanwhile he will work on his credit so he can purchase a home himself.

What i'm looking for is a home that needs work in the 50 to 70k range.. and that is in a good neighborhood, so that once we fix it we can sell it for about 120k. 

I would love some insight and maybe some people that are familiar with that area.. maybe some realtors that are used to working in the area with foreclosures.

Thank you!~