I've been in the niche since 2007 buying homes in parks and out on land moving them into the parks.

@Mattin Hosh first, most cities in Metro Detroit have some type of rental property inspection every 2-3 years.It's not really a big deal 99% of the time - especially for owners who are NOT slumlords:)Also, a quick Google search will show that several states/cities are passing/considering similar legislation.One of the biggest mistakes we see newer investors making is NOT properly understanding Neighborhood/Property/Tenant Classes and naively assuming that any rental they buy will deliver Class A results.Read our copy & paste thoughts below and DM us if you'd like to dicuss more about the Detroit market:)-------------------------------------------------------------------------------------------------------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?

My goal is buy/hold.

If you buy upscale (desirable) properties in desirable areas as opposed to affordable (undesirable) crapboxes in undesirable areas you won’t need to entice tenants.

The core problem is marketing.Marketing 101: Target the right audience with the right message.Here’s the truth: it doesn’t matter how much ketchup you put on a baby-cow burger—vegans won’t buy it.

Based on your numbers, and assuming you have a credit score high enough and have never filed for BK, you shouldn't have an issue getting approved for an HML to buy/rehab the property that I would estimate at about $370k-$375k (which includes 100% of the rehab costs).

Possibly looking to buy SFR/MFR in Huntsville.  

What capital do you have available now to buy or are you only looking for seller financing?

Buy a fourplex so you have a place to live and three rentals to cut your teeth on.

Feel free to inquire about their staff qualifications if it's a larger organization.2.