In 2002, B moves out of the house and rents it to tenants.

Things to learn for multifamily: 1) find who will give you the money for the purchase if you can't cash out 2) Know the area you're buying (A, B, C). 

In my mind, the purpose of the trip would be to a) drive the neighborhoods I am considering to understand them better/identify better/worser pockets etc and b) meet people I am planning to work with (realtor, contractor, PM) in person to solidify those relationship.

@Cole Brittner we've helped hundreds of investors buy in Detroit the RIGHT way and avoid scams.Detroit has too many variables to invest by zip code, so we've ranked all 183 Detroit Neighborhoods by Class A, B, C & D!

Your loan will be capped anywhere from 65% ARV to 75% ARV and that will depend on lender, credit, experience, deal spread, risk.In that deal cap you have guidelines like borrower can get 80% LTV is their experience is X and credit is Y, and they can get 90% LTV if their credit is A and exp is B. 

You can find some value here in C-class properties since there are emerging B-class areas in these towns.

Dont get hung on the number value of a rate on a loan estimate - figure out what you're paying for that rate- Read up on the differences between boxes A, B, and C on a loan estimate.

Class b ~$4500.  

I try to have a plan A, B, and C in place with tight acceptance and contingency periods. 

Quote from @Andrew B.