I agree and additionally I'd recommend going down to the store and actually feeling them.

Then it really grows with each additional one. 

So now you are throwing good money after bad probably without a guarantee of any actual performance of the company until much later down the line.  

It was held by the previous owner for a very long time, so I wouldn't be surprised if some basic facts about the house are incorrect.I was making an offer on a house a couple years ago and discovered that the owner was paying taxes on an additional house that was on the neighbors lot and didn't know it!

How do other regular condos perform versus them? 

We’re fortunate to have an above-average income and live well below our means.This summer, we’ll be moving to Detroit (PCSing in August), and we’ve saved about $120,000 to invest in addition to having funds set aside for the home we’ll purchase in Detroit.The reason I’m posting is that I’m struggling to decide how to best allocate the $120k.

Additionally, based on your numbers, it should definitely cash flow. 

- Highly recommend REQUIRING tenants to get Renters Insurance and adding you, as the landlord, as additionally insured.

Not only do they not repay funds, they claim we owe them additional funding for renovations that never actually happen. 

In the case of GEG, we let our members know we did not have a track record with them - they were new to us and just being tested - and therefore it was even more important to perform thorough due diligence since we can't be involved in the transaction.