If you need access to the $200,000, you could use a HELOC to temporarily pull equity from the property when good opportunities arise. 

I started investing locally and have kept expanding after moving out of state, so I’ve got experience navigating the challenges that come with investing from a distance too.Detroit has its challenges but also some of the best potential for cash flow combined with affordable entry points.

His lease says they have use of the entire property for $X, if he wants to increase the rent that is separate from changing what they have access to.

I don't have access to the MLS to run comps.

So the benefit to investing in a note fund is that with no additional exposure, investors get access to a consistent return with less liability.Best,Dave

A local real estate agent with MLS access and market knowledge will be able to provide the most accurate rent estimate.

This one is accessed from the back of the lot thru an alley.

Sadly this industry is ripe for a company to come out with a product that does what we need it to do, be versatile enough with it's software that it can expand and have the customer service that is accessible.

Start with one unit or a reliable tenant, then gradually expand.

He paid for common area access, built a bed in his Land Cruiser, pocketed the rent but we had agreement on what the pocketed money could be spent on (seeing we were paying the rent).