The one percent and 2 percent rule ive never looked at ... cap rate is .. meh .. its there - what im most concerned with is the price of the home relative to comparables and cash on cash to start.   9)  I look  the other way if it is a multi unit that is not separately metered - thats always one of my criteria here in pgh as there are a lot of older homes and a good portion you wind up worrying about who will cover utilities.  

That's great that the bank who currently holds the note wants you on 20 year or 15 year amortization, they view you as a captive customer, they don't have to earn your business any more, as far as they are concerned. 

The demand for affordable, shared housing is strong here, so filling vacancies shouldn’t be a major concern.

My point being, whats the plan for after the current tenant leaves? 

My last piece of advice....take it or leave it....being a landlord with your friend is a very different experience than just living with them in a rental.

Now that the 90 day deadline has expired and we haven’t received certified equity nor an update informing note holders of their status, concern is definitely growing. 

The overall concern from banks is the rate that I have been purchasing.

It's a huge win, and I admit, at the top end in terms of outcomes.Most deals are leaving $5,000 - $15,000 post-refinance but still nicely cash flowing.In short, yes, there's a lot of opportunity in Detroit but you really need to understand the market or work with folks that do.I'd be happy to chat with you or anyone else looking at the market there.

How are you going to do an inventory checklist after each tenant leaves?

They remain available to assist investors throughout the investment lifecycle, whether it involves refinancing options, addressing financial concerns, or facilitating future funding needs.