Hey everyone, I’m trying to decide between purchasing a single-family home or a multi-family property for my first real estate investment in Detroit, and I’d love to get some advice. 

The best I've seen for STRs is 80LTV on purchase and 75LTV on cash outs. 

For an auction.com purchase in Washington you have 2 options. 

I've had qualified renters move into a rental, add their bum friends or family members, and then disappear, leaving me with bad renters who weren't approved and aren't on the lease.The best practice is to screen every adult, approve them, and add them to the lease. 

Reno Scenerio Off Market Purchase Price - $185k ARV = $315-335kReno - $55-65kHolding - $10kClosing both ends - $25k= $335 , $315-$285 =$30-50k gain  As-IS Scenario Purchase - $185kSale Price on MLS :$225- $235kClosing both ends - $20kHolding - $4k= $235 - $209 =$16-$26k gainIn both scenerios I’ll be 1031ing it into a new investment.

Sandra For transparency purposes, I believe you meant to say that you purchased a turnkey property from Memphis Investment Properties, not Memphis Invest. 

Purchase price: $450,000 We bought this park for $450k.

Always introduce yourself as ..John or maybe Reagan is better....Maybe like hi I'm Reagan like the President, your friendly neighborhood realtor....that's how they will remember you and you want them to remember you. 

Financing depends on your scenario and what type of property you're purchasing.

Using quality yet affordable materials can transform a space without excessive costs.I could remember working on a property an investor purchased.