Most land bank properties, Detroit or Wayne County, are trainwrecks and cost more to rehab than they are worth - unless the market keeps improving.Be careful on the next one, but keep improving Detroit!

Be careful the seller isn't unloading a problem on your.

You could also take out equity if you want to keep the condo and use that for another investment, but I’d be careful about over-leveraging.

That would be for the deed, so use care not to trigger the acceleration clause with your lender.

If I live a busy life and don't have the time or care to invest on my own, but want to put, lets say $200k to work, is a 15% cash flow return reasonable? 

I'm lucky to have a motivated client/investor that wants to work with me, and I feel a tremendous amount of responsibility to take care of that trust and investment.

No one will care more about your success then you.

Be careful of renting in Northern liberties, fishtown, brewerytown, point breeze.

  ( 250 investors 50 mil) all loans were fractionalized ( this was Oakland CA and Bay Area loans) I could legally do those as a CA RE Broker. 

If so, there might be a way to make the HOA take care of the issue as it is part of everyone's sewer and not just yours.I would get it scoped out.