FYI it's generally going to have to be "dumb person and toddler" proof to close on the purchase ("dump person and toddler" proof is an easy rule of thumb for when an appraiser is required to call something out as a "health and safety" hazard), assuming you are getting a normal mortgage.

Food for thought ....P.

There is more safety in owning a property outright.You should study the benefits of both, apply them to your situation, and then determine which option is best for you.

How do you handle disputes over common area use, stealing food from each other, taking out trash, someone that monopolizes the space, etc.?

I am 22 and fresh out of college working a sales position for a food company.

There are legitimate public safety risk homes there that can NOT be torn down because the setbacks are now too restrictive to allow a new building, even at the same size as the old one. 

Sell them on the safety of their child, providing you are offering that.

If the large loss would have put you at a big disadvantage if you found a deal today and needed the money, then I'd still go with safety and accessibility (savings) over the brokerage.But ultimately its up to you!

The Zip code of 48221 is next of the list, here is the link https://detroitmi.gov/departments/buildings-safety-engineering-and-environmental-department/rental-property-informationI believe renovating and selling for top dollar would be in your best interest. https://www.clickondetroit.com/news/defenders/detroit-landlord-jailed-for-code-violations-including-apparent-black-mold-raw-sewage-at-home

Hello everyone,If I plan to buy a property and potentially exit in three hours or less but still I want to have the safety net for 10 years if the market changes what do you suggest.I am concerned about the balloon payments if I took it for 10 years and had to pay back early.