. - This will allow low down payment and the 203(k) allows repairs to be financed into the purchase mortgage.- The 203(k) will allow you to bid on properties that need repairs that won't qualify for a traditional mortgage => less competition => better purchase price.You will need to find a great local contractor you can trust to supply the required bids to qualify for the 203(k).- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

Oh yeah, that's right, all but ZERO help or assistance.

What do you think about investing in Detroit, such as buying a house, repairing it and renting it out?

This gives you a foundation for making a fair offer.Secure Financing: Be prepared to show you’re a serious buyer with funding lined up, whether through cash, traditional financing, or a creative option like seller financing.Have a Strategy for Repairs or Development: If the property is distressed, outline how you’ll handle improvements to bring it back to productive use.

(A lot of states, they can easily pull emergency assistance, and the court case get automatically dismissed) If they are pro at this, you have no way to win without a super experienced PM and legal team.

Additionally, have a clear budget, factoring in potential repair costs, and ensure you understand the rules about earnest money deposits and closing deadlines.LLC for Real Estate Investing: Forming an LLC for rental properties can offer liability protection and may provide tax advantages, though the tax benefits are non-existence for rentals.

Airbnb came out with a new co-host option where you could get paid for your services to assist owners by selecting % of rents...maybe have him pay you 99.9%?

Set aside reserves for unexpected repairs or vacancies.

The landlord should be named on the tenant's insurance policy for additional protection and to assist with tracking compliance.

Quote from @Neeta Agrawal: For context, we gave the tenant a 60-day notice for non upkeep and no repair communication in 2023 and then extended it for 30 days upon his realtor's request, setting the move-out for May 31, 2023.