Adding the current mortgage and utilities would be roughly $1,350 resulting in a profit of $650/mo.

My vote is if you are going to continue to buy, you need to utilize leverage.

Quote from @Jacob Sherman: you can utilize no income no doc construction loans . fund 50% of the land 100% of construction upto 65% ARV .

I need something simple that I could utilize today.Thanks you will not be able to get something today. in order to pull credit typically you must have a background check done on you and the company will also come visit your office and confirm you have specific security policies and procedures in place. 

The important things to consider about HOA fees is that they usually include some utilities: Water/Sewer, Trash, sometimes shared amenities like gym, clubhouse, pool, and they are saving you the time and headache for property maintenance: lawn care, tree timing, roof, siding, etc.

@Thomas FarrellRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

For further context, we are trying to have him be the name on the loan because he would be able to utilize his first time home buyer loan to take advantage of the lowered offered interest rate.

Tenant handles all utilities and lawncare.

Most out-of-state investors looking at Detroit are typically focused on cash flow, which means they're usually targeting C or C+ neighborhoods.

I have also utilized owner financing for longer periods of time, including personal residence and 2 barrier island houses on the coast of Florida.