Preparation is key, and relationships are everything.When closing a property deal, the funds typically required include a purchase deposit, which is refundable during the due diligence period, and an additional nonrefundable extension deposit.

Make sure you are prepared for that and have a contingency for that.

Quote from @Khon Kounbandith: Investment Info:Single-family residence fix & flip investment.

More preparation on the parcels i'm working on.

All this turkey does is charge you for some "training," so you will be "prepared" when you go out looking for lots for him, but curiously, he buys none or very few of the lots he's sent.  

Make sure to prepare a professional proposal, highlight your STR track record, and be transparent with your financial projections.

I’m wanting to be prepared and educated since I’m new to this and looking for advice.

Of course, these properties are full of challenges so be prepared before you start. 

Since there is a co-owner, you would have to purchase the property and it is really hard (if not impossible) to pull a HELOC as the basis for the purchase (since it is not your primary residence). 

Be prepared for the learning curve with Detroit—it’s rewarding but comes with its fair share of challenges.If you’d like more specific guidance or have questions, feel free to DM me.