I'm a big advocate of that market and still believe it offers the best risk-adjusted returns today.Lots of folks are still writing off Detroit but more and more are waking up to the opportunity there.

You are asking here for someone to spend the time to write you a roadmap, but that's not a great use of their time.

If your goal is assume a loan, I would offer the lender some sort of compensation as they are generally only paid if they write your loan, which is not the case with an assumable loan, as the current servicer will be underwriting and providing the new loan.  

.)* Say sorry, lose the deal / get* Fix it, write it off, and stop paying the holding costs* Negotiate to fix their most critical issues~~~Random Thoughts From a buyer's perspective-- as people above mentioned, newer buyers tend to want a flip property that's PERFECT and have a hard time wrapping their head around blowing through savings and then ALSO having to fix it further... 

your business will have it's own tax return depending on how you structure it and you'll get a partner return either profit or loss and that will pass through to you typically if you are an LP. if you are GP it's a little different. you also get the depreciation of the asset as a tax write off as well as interest expense typically. 

When an agent is asking you to send an offer in writing is because they want to follow a contract terms.

Biggest dig: no accounting functions. 

They reached out the next day and wanted to write and offer with me as their buyer's agent.

I would get this out to quote with multiple Independent Agents (they represent multiple carriers) and if you can determine any agents that write a lot of apartments that would help also.The type of info you should gather that will help in the quoting process:1. current coverage. 

Please ask someone in the BP circle to write an article or post on LP syndication investing.