The original six month tenant I had extended the lease 9 times and stayed a total of 5 years, paying me about $15k over market rent annually.  

That probably doesn't work well for rents, and the neighborhood will look beat up in 10 years, when almost every house got sold to investors.  

These properties are now rented as long-term rentals, and we plan to expand our portfolio while also branching into short-term rentals.Looking back, I realize how much my current knowledge and experience could have fast-tracked our success.

I focus solely on Detroit proper because, in my experience, the rent-to-price ratios, opportunities for value-add projects, and overall market potential are much stronger there.That said, Detroit is a nuanced market.

., Purchase Price: $475,000 ($197.9/sq. ft.).Estimated Market Value: $402,000 ($168/sq. ft.).Financing Terms: 2% interest rate, with a 9-year balloon.Unit B Income: $2,049/month (Section 8 tenant through November 2025).Unit A Income Potential: Similar rent or higher; Section 8 cap for the area is $3,234/month.Monthly Loan Payment (P+I): $1,386.Cash Flow Breakdown (if both units are rented at $2,049/month):Gross Rent: $4,098/month.Vacancy (10%): $410/month.Operating Expenses (37.3%): $1,376/month.Net Cash Flow: $943/month.Key QuestionsWould you be comfortable paying an 18% premium for financing at 2%, especially in a market where current mortgage rates are closer to 7%?

So $145K profit in 5 months, plus around $12K in rents, minus my bank fees etc., all because I had a relationship with a banker that has trust in me.

We are renting from him for $100/month while we finish probate.

I can't speak to that since it's all irrelevant on the master lease - we get our agreed-upon rent on the 1st each month and that's that.

Renting in NYC adds risk. 

@Aubrey Eblin Thank you very much for sharing your experience with the Rent To Retirement Academy.