A law degree does not mean you know anything re wraps.If worse comes to worse, you can stop the foreclosure with legal action - it costs some but you will not lose your equity.I would not throw the baby out with the bath water re doing wraps and I do hope all works out for you.Reach out if you need a referral to a good AZ attorney to helpBe careful out there guysAlan Not to be too blunt, but you are handing bullets to a six year old with a gun.

Do you mind expanding on how you attained closing cost and down payment?

We were shocked at the cost of goods, lumber, cabinets, paint, plumbing.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

So I almost “broken even” with the cost of construction vs. valuation aspect.

Sewer line backup, ordinance & law, and replacement cost coverage are coverages I include. 

Its definitely a big cost/premium risk allocation discussion

You can also try the travelling nurses route, a lot of them are looking for low cost housing when in town. 

Every Market (Detroit) is made up of a series of Micro-markets (neighborhoods) of which they are all different in cost, value, cash flow, rents, etc...

I think there is a common misunderstanding that licensed contractors cost more.