That is often a matter of opinion and will depend on the attitude of your municipality.Most municipalities do not require neighborhood approval, but will offer the public opportunities to provide input which will be considered.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Vacancies, tenant turnover, or non-payment can impact cash flow and delay your plan.Time and Effort: Managing multiple properties, handling rehabs, and dealing with tenants requires significant time, energy, and expertise.

And, as I'm sure you know, both investors would require a 3rd party verification of assets to prove their accredited status.Let me know if this is what are asking or not.

@Fareen E. as long as you don't violate Fair Housing and are CONSISTENT, you can do whatever.If you require an ID from EVERYONE, you are safe.

However this would obviously require substantial work and we probably wouldn't have the funds for years.Since I think we'd be losing money to rent it out (if we were to move) at our current rate with a conventional loan, I'm imagining maybe some kind of seller finance situation... which gets back to my question, what kind of deal could we present to our landlord that they might find appealing and gets us the chance to at least break even on rent?

Detroit requires strong local relationships to navigate things like neighborhood nuances and property management effectively.

Most hard money lenders require 10-20% down payment of the purchase price or total project cost.Holding Costs During Rehab: Yes, you'll need to cover carrying costs, including hard money interest, utilities, taxes, and insurance.

On the other hand, self-education through books, podcasts, and free resources is cost-effective but requires discipline and a clear plan.

I understand this is not a requirement, but I have never received a damaged unit from an inherited tenant or any legal issues.