A little over 15 years ago, in the late spring of 2009, I was a brand spanking new real estate agent coming off of a miserably failed real estate investment venture. I was also a catering server, restaurant server, an...

I also bought a SFH for $160,000 and rent it under Section 8.

I bought several multi-family this way and negotiated financing terms that were better than the bank.Cody Davis started investing at 19.

So it's very easy to criticize these markets if you've never been here or really know anything about the area and are just making broad, sweeping generalizations, but if you have a strong team on the ground who can help you buy in the right neighborhoods and maximize your returns, you can do very well in this market, and I'm sure Detroit as well.I had a buyer who bought a duplex in Cleveland for 85k last year.  

Reach out if you would like to compare options or revenue potential for different homes and communities. 

So by spending $42k I collected an additional $75k over 5 years, and then sold the furniture through a consignment store collecting $8k as my share.  

It will be higher than if you bought it yourself.

Some/many lenders don't like a 2nd mortgage behind their first (like the skin in the game), however there are both bridge or permanent financing options out there allowing you to leverage anywhere from 90% CLTV - 100% CLTV, but don't expect good terms...

Again, the BiggerPockets store has some books on this topic, or you can learn about it by watching podcasts, reading blogs, and interacting on the forum.

Your suggestion to list on open market likely is the best option for the OP.