So to me that means yes, I should as an investor do the work myself. http://postimg.org/image/7s4cj35kx/That is the current, not quite accurate floor plan.http://postimg.org/image/ugn2hk6d9/That was my first idea.I found a better way to open the kitchen, keep the formal dinning room, and the wall, saving structural issues, and TONS of money.New kitchen idea:http://postimg.org/image/fapgvsz7t/Not using the colors, but the open idea is what I think will help.Hope that helps

Purchased on Auction for $84,000rehab est $44,000est ARV $200,000no money borrowed as of yet. 5 bed/ 3/bath 1 FP 2325 sf with formal, den and large kitchen

If a tenant disappears without formal notice, in both states of our rental properties, we can keep the deposit for any rent owed and any damages.

And to clarify, I do plan to use an attorney to structure the formal lettering of the agreement.

To be an FHA direct lender you need to meet the following requirments: 1)Certified original audited financial statement with adjusted net worth of at least $250,000 that has been prepared within the last year.2)A senior corporate official showing at least 3 years of experience handling FHA affairs (loan origination and servicing background) 3)Multiple credit and background checks to verify legitimacy of the heads of the institution.4)$1 million warehouse line of credit or equivalent funding program to show liquidity and lending power.5)Business plans, quality control plans, E&O insurance policy, sanction letters, fidelity bonds and other formalities to provide security.As you peel the onion it makes more and more sense why some lenders offer certain services & products and why others simply don't qualify to do so.

For example, while very popular south of the border, it's typically detrimental to hold property in a corporation up here particularly from a tax perspective.

Has Fireplace in each living room, formal dining room w/ built-ins, hardwoods under carpet in living/dining rooms, and hardwoods in bedroomsHere's what I see as the big kicker: There are $62,000 in back taxes from the last 3 years unpaid, which includes a host of assessments and vacant building fees. the owner is elderly and has early Alzheimer's, so I believe he has neglected these partially due to this and partially due to his being angry at the situation (lawsuit + city issues).ARV on the house is around $425,000 and I think I could buy it for around 35% of value and would have to pay the taxes and do all repairs/updates which I estimate would be around $60,000 total.  

You can get a loan without working a formal job, but if you're relying on rental income it's going to be tough, and here's why.Typically when you report your rental income on schedule E to the IRS, the idea is to minimize your exposure and maximize your tax refund. 

@George WendtThe areas I would suggest to you in Detroit is in neighborhoods like Rosedale Park, University District, Boston Edison, Woodbridge, Midtown, Corktown, Sherwood Forest, Green Acres, East English Village, Indian Village, Grandmont and few othe r areas that border some of these areas.

One is in Northeast Philadelphia like on the border of frankford and northeast philly.