I realize I don't have the actual NOI, but that price sounds super high for the gross income you're stating in your narrative.

Of the conversations I have had with people discussing hard money lending, some seemed opinionated in that the high interest rates and terms were enough to scare them off.

Keeping our overhead low and estimated revenue high.

Be sure to check out the free tools BP provides to help analyze deals you may have and also market insights.

If you have several properties or have high turnover you are better off finding a manager. 

I assume it’s not high enough that you or any family members want to take on the job?

I am not familiar with how HELOCs work but they declined me saying my DTI is too high.  

@Serge Hounkponou Recommend you first figure out the property Class you want 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?

It's one tool for them in a fight for affordable housing.

@Mattin Hosh first, most cities in Metro Detroit have some type of rental property inspection every 2-3 years.It's not really a big deal 99% of the time - especially for owners who are NOT slumlords:)Also, a quick Google search will show that several states/cities are passing/considering similar legislation.One of the biggest mistakes we see newer investors making is NOT properly understanding Neighborhood/Property/Tenant Classes and naively assuming that any rental they buy will deliver Class A results.Read our copy & paste thoughts below and DM us if you'd like to dicuss more about the Detroit market:)-------------------------------------------------------------------------------------------------------Recommend 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?