I'm trying to learn as much as possible to gain the confidence needed to invest in my first property.

That is several thousand in rent gained right there and they is not even counting the cost you would incur with each turnover.

Exceptionally rare, highly valuable. 

Thank you for sharing your valuable insights on Bay City and Detroit.

Hello Faysal,1st of all, I personally don't like option 1, not equity gain with your investment.For your option 2, with your cash available position, I would see if I could talk the owner in to Owner financing the property for 12 months at 5%, with $100k down. 

The cap gains will be over 300k.

Before you sell... please talk to your accountant about the capital gains and depreciation you will have to pay back... that might frustrate you more than fix up issues. 

It's incredible how much valuable insight comes from the BiggerPockets community, and I really appreciate it.

Most people say to start an LLC for liability purposes but some say you should use it to gain tax benefits afforded to businesses and not individuals.

These are absolutely very valuable information to help me adjust my strategies!