We will land at roughly 26k in materials for this project… a 14’x26’ garage.

I'm living and doing my research for the past 7 months for the Madrid market (and the area around it) - will be great do discuss with some members here and share our experience, toughs, etc.It will also be great to discuss the current market situation and share the news - do you think it is still a good time to get into the market?

Plus, finding a buyer willing to pay your asking price could be tough, especially if interest rates are high and buyers are more cautious.Another risk is that the renovations could cost more than you budgeted for.

Also, in terms of flooring for the storefront what material would be best in terms of money and quality? 

You may pay a bit more and make a little less, but playing the long term game is key in real estate.The types of structures could be lump sum (one price) or cost plus (meaning you pay the cost of material and labor plus a flat fee—more of an open-book model).I see some investors who want to pay for ALL the materials, which is excellent for the investor (more control of finishes & cost) and general contractor (if they are getting paid well).  

I'd need to go to about 250K with 10/15K in materials to get around 320K and that's pushing it.

Talk to your agent and don't try to hide material facts about what you're planning to do. 

Examples would be incorrect square footage, incorrect year built, incorrect style of home or materials.  

The costs of land  , engineering , site work , permits , labor , and building materials make this virtually impossible . then there are zoning issues and the rest of the politics that go along with this . 

It also has lower entry price points and cash flow.There's a lot to like about Detroit and I'm happy to send anyone some resources about the market there.That all said, out of state investing in general is tough.