@Gabriel Mesa Fairly straightforward in the suburbs.In the City of Detroit you can NOT use zip codes, you can use Neighborhoods if you know what you are doing, but you need a trusted local to check out block-by-block to finalize decisions.Since there's a lot of rentals in the City, you also need to decide BEFORE you start a rehab, if you are targeting selling to a landlord or an owner-occupant buyer.- You tenant-proof a rental, but need higher finishes on an owner-occupant.

You can consider installing individual boilers for each block.

My thinking is they will keep dropping and at that point it might make more sense to purchase an existing pool cabin than to build which is gonna be a real pain - I know you know this already ;)

This is called a Deed in Lieu Foreclosure or Deed in Lieu (DIL).As an option to avoid a long drawn-out foreclosure process (more painful for the lender than the borrower), your friend might be able to negotiate a deal with her lender to accept the property and wipe the slate clean.

It is a really big city (sprawling-not very centralized) and it changes a lot in a few blocks.

Or what about the syndicator who did purchase the multi-family building in your narrow investment thesis  and did bet wrong on rates but a major employer just announced significant relocation to the municipality where the apartment building is located or a restrictive zoning overlay was just enacted making it difficult to add new density or maybe its the new commercial development just anounced that is anchored by a wholefoods and exciting nightlife exeriences a block away. 

They are $35 - 60/hr but it saves you the time and headache of figuring out how to book a journal entry for a HUD what accounts to create... oh man it's a pain ha.

I have heard of people staying long term then cancelling their booking consequently resulting in a blocked calendar and no pay. 

I actually live a few blocks away, and own several properties around the West Side.

-- and someone more cynical who has been around the block a few times might say "yeah but Edward Jones is a solid tenant, that's super low risk, and they've been there for 15 years already, and are 2 years into another 15 year lease."