If his landlord reference for the past five years is good, that would weigh much heavier than his eviction.Based on what you've shared, I think this is a low-risk situation, and I would probably accept them with a deposit equal to one month of rent.

At this point you would be the owner and thus responsible for managing the property yourself or hiring a property manager to get the property rented (if it isn't already).Then after an agreed upon period of time (probably after your collection falls off and your credit score improves), then you can refinance the loan with another lender (like a bank, credit union, or HML) and payoff your family member.Thank you so much for your reply! 

I probably wouldnt trust it 100% with that though unless I input all of the data that I have from my analysis in terms of ARV, rental rates, rehab rates, etc. now that I type it out, that actually would be a good idea aha. 

One of the units is currently rented, so it would probably be great for a house hack.

Land is probably the most difficult type of real estate to successfully wholesale.  

Our downpayment budget is probably $60-$100k.Questions:1.

That's an average of 17% annually over that time.The City of Detroit has not only outperformed every city in the Metro Detroit area, its outperformed every city in the USA from 2014-2024:Let that sink in for a minute ... you'll probably need more time than that to process this!

You would need an extremely high grossing property under market value on a something like a 5 year lease to profit, and you probably will not profit after startup costs until Year 2 or 3.Do not even think of trying it with 1/2 bedroom apartments or condos nor 2/3 bedroom homes. 

I'm a positive person like most of you probably are, and trusting, and the the way Peter Harris has his program set up to "sell you" is a thing of the past and something I would call predatory.

With that said, if the property was in West Hartford, I'd probably be willing to reduce my management fee because West Hartford is easier to manage AND the rents are higher.