You probably don't want to invest in someone's first deal unless you know them extremely well, so make sure you ask about the management team's track record of doing deals together. 

Hi Petya, DSCR loans are extremely polular with investors in the Detroit market.

I am not a credit expert.. just know how tough construction loans are .. so with zero experience and missed mortgage payments I suspect u will not find a lender that will do a loan for you. 

We do plan to meet with a legal expert but just wanted to sort of understand what we should be doing in general.  

And the 30% ratio does not work well in extremely low income area, you need to assess closer to 20 or 25% of income. 

That is extreme.

I’m frustrated and getting mixed suggestions from family/friends who think they are experts with no skin in the game.

Positions you as a thought leader or market expert.

It's extremely inconvenient for both the new tenant and myself.

I’ve also built a website with a ton of resources on investing in the area, like market insights, networking opportunities, and local expert connections.