I was under the assumption I could pull a $100K+/- HELOC out on my current rental, and show the lender I will be using that as the down payment for the 6 plex.

@Saul Clavijo make sure you understand you will be getting into Class C properties at those numbers.Food for though below, DM us to chat more about Detroit:--------------------------------------------------------------------------------------------------------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?

This is under the assumption that these closing companies would like to get these done by the EOY for their annual numbers.

It isn't doing "SubTo's" that is illegal, it's how they are done and how they are treated and what your assumptions are and what your unpredictable seller does.Attorneys love these kinds of fights.

Do you get a contractor in before making an offer/after, get an estimate on the work and time and then deduct the lost rent (making an assumption on what you can rent it for) from your overall budget?

My assumption is it can be done anywhere.

This can certainly be done but some of the assumptions here need to be tweaked.

@Thomas Loyola you haven't addressed the Class of property you intend to buy, so your assumptions could be too low or too high.Your biggest challenge is you are assuming you have to pay asking prices!

If you are able to do this at the municipal level and your numbers are correct, this would be a good investment, but there are a bunch of assumptions here.

If after all expenses it cashflows then yea that would be the best option for you'll be able to sell the land, if it doesn't then hookups might be a better option (With the big assumption that there is demand for that in that area)