Now if rents can go to 1,100, different story.Value is based on Net Operating Income, and lending is based on Debt Service Coverage Ratio.Gino

It all depends on the scope of work and your available time to put towards organizing and finding the right contractors. 

I would check with a few different groups to make sure that they can operate in Detroit, and also to make sure that they will lend to the property in question based on the value.

There are a few DSCR lenders that will allow you to operate a rent by the room strategy as long as the strategy makes sense, and no one related to you is one of the tenants.

Meanwhile, Paces clients very slowly build up their capital, but we all know the majority will spend it and come right back to the group to let Paces organization fund it so he continues building his wealth from all of these "gators".Do I get annoyed hearing about this every day..YES..Do I think it was a great form of revenue for Pace..YES. 

I'm an experienced workforce housing owner and operator.  

Or ask the third owner if they would also consider selling, so the whole property is sold.Whether a partnership or LLC, follow the Operating agreement. 

Focusing on the foundational basics and your operations is more important long term.   

For example, if you wanted to outsource that part of your business, are there management companies in your area that you would feel comfortable turning operations over to?

I operate several mid term rentals and I'm still a big fan.