I have one long term partnership that we share capital but I still do all the work ( rain maker) he is a cpa so he does do the books and tax return though :)  WE built one subdivision together were he put in 500k and I made him 1.2 mil in 18 months net profit so that was not bad.

I’m considering it and looking for feedback. Thanks.

I find it hard to believe such a bad market could get worse, but only if you know why it’s doing so poorly compared to the rest of the country.

Not a bad return.Permitting for ADU shouldn't be too much of a challenge as long as you have the appropriate lot size, level grade lot, and ample space for parking - which is what the townships care most about. 

I would say if you do jump in without physically going to the area...you should definitely buy in a nicer neighborhood (I hear too many stories with new investors getting burned investing in bad neighborhoods). 

When you have multiple responsible adults sharing a house, if one "bad egg" slips in then you have the others renters to kick them out or report them.

These two contractors may not like that area, or just had one bad experience, so it would be great if you could explore more of what other experiences people had/have in the city. 

Post Dodd Frank sellers have continued the same bad practice of selling houses to occupants with financing at selling prices that are way high, can't be justified via any type of 3rd party valuation (appraisal, zestimate, tax value, even recent sales in the same area).   

Unfortunately they are correct, but the policy is a bad policy for hosts.  

These all require applicants to submit an acceptable Letter of Explanation addressing each specific issue and occurrence.Rental HistoryBecause a current landlord may say anything to get rid of a bad tenant out of desperation, we also require information for the previous landlord of all applicants…Analyze IncomeMany landlords require a month of paystubs from applicants and just use these to calculate a monthly qualifying income…Employment StabilityUnless an applicant has exceptional credit, we strive to determine their stability of employment…AssetsWe are one of the few management companies that requires a bank statement as part of our application process…Letter Of ExplanationAny time there are credit issues or we discover an inconsistency, we require a written letter of explanation (LOX)…UnderwritingTraditionally, landlords have only looked at the income of applicants…ApprovalOnce an applicant is approved, we require a nonrefundable Holding Fee to make sure they are serious…