I suggest 6 months of expenses to keep in cash.

This is required for most landlords in the city, as part of the rental property registration program.

All that is required is 4 weeks advertising in the local paper then call the sale on the courthouse steps the following month's first Tuesday.

HML is expensive, better to use private money from friends or family. 

Hopefully, not an expensive tenant or Fair Housing lawsuit.100% of what @Travis Biziorek states is true, but he left out a key fact - he lived in the Detroit area when he started investing here, so was able to self-manage and meet everyone he had to hire face-to-face.

@Jason Dubon I use a percentage of the rental income to prepare for expenses.

Only a few simple documents are required, including a valid passport, birth certificate, and proof of address.

One of the biggest complaints was the lack of places to stay and the expense for such.  

Your $80K HELOC can serve as the down payment, as most lenders require 20%-25% of total project costs upfront.

I specialize in investment properties, high-end homes, and commercial real estate, and I run Updegraff Group Realty, a full-service brokerage that helps investors not only find and fund deals but also manage construction, optimize returns, and scale their portfolios.Financing Your First Deal Without Using Your Own MoneyIt’s a common question, and the truth is—it’s very doable, but it requires strategy and relationships.