If they can afford to stay, chances are they need to refinance and get the X name off the loan.   

If you want to work with multiple agents, those agents know there's a very low chance of ever earning a dime, so they won't waste their time.Agents do much more than find property.

Without one, there is a small and remote chance that the existing system of insurance, mortgages and the US housing market as we've known it, is at systemic risk due to; over-financialization, risk aversion and regional fragmentation.

-Build a strong network in Detroit of real humans over a period of months, buy a better deal, hold it for 10+ years, weather early storms:  better chance for success.Even on that latter deal though, are you going to cash flow in month 1 or year 1 or even year 5? 

Also, rezoning from RS-3 to RM4.5 is like a .0001% chance and depending on your ward some alderman refuse to consider spot zoning no matter what

I want to minimize my leverage as much as I can for my first one, just to give me the best chance of success.Got it, @Geoff Engel!

By any chance, do you know if you're eligible for any government grants and/or funding?

Would say there is a 5% chance rates will go to 3% in the next 20 years.  

Also, as fyi, the load amount is for $487,500 (I'm not entirely sure if that would fall under a large transaction category).Yup  I would say there is a good chance that you front the 7500 and don't get the loan.. 

Consult with an attorney to provide a purchase and sale agreement in your respective state with an assignment exhibit included.