How did you find this deal and how did you negotiate it?

To get started, connect with a knowledgeable real estate agent and lender, practice analyzing deals, and network through local investor meetups.

Quote from @Aishan Gonaduwage: I am seeing good deals in Detroit that could cash flow in the current market.

Address Your Financial ProfileBridge the Revenue Gap: Highlight your equity in the duplex and use your sale proceeds to demonstrate “skin in the game.”Partner to Compensate Experience: A financially strong and experienced partner can help offset your limited track record.Focus on the Land Deal: Secure the land at a good price, as it’s a crucial step in gaining credibility and attracting partners.Final ThoughtsYou’re entering an exciting and impactful space in real estate development.

Namely, that if a tenant (in this case accompanied by a whole family) ends up stop paying rent and I would be on the hook for both covering the mortgage and dealing with open ended legal costs and time.

. :-) back in the day and not a big deal flow.. and all land contracts on bare land.. to put it in perspective. :)

The deal is good and the current owner is my friend. 

I suggest you put money into the deal with labor.

Purchase price: $160,000 Cash invested: $35,000 Another 1% single family deal in a transitional area creating long term wealth

Which BTW most of our closings are subject-to the existing financing, so we have little cash into the deal, just the arears and the closing costs.You find NOD and pre-notice via;   realtytrac.com / equitydepot.net (if they cover your area).