So, for a $60k loan, you'll likely need $12k-$15k for a downpayment, $8k-$12k for closing costs (prepaid insurance and taxes, lender fees, attorney fees, points, prepaid interest, transfer taxes, etc), and then another couple thousand for reserves and whatever else.

Let's talk,DanIve actually been looking into buying a condo myself as an investment, I have a few rules, needs to be with both good hoa management & relatively cheap fee (bellow $600 a month) needs to be in area where I’m not competing against other new construction apartments, needs to be an area where even townhomes are so expensive you are not competing, I.e. upper nw, nova, Bethesda etc. needs to be 1990’s or newer in most cases.

Construction loans have a fair amount of fees involved.

The win part for the lender is obviously the higher fees they get. 

@Bennie Smith we've got a map at our website that we spent quite a bit on, to help investors understand what Detroit Neighborhoods they may want to invest in.DM us to discuss more as Moderators may delete this thread if we cover too much here.

If they understand they need to leave and discuss honestly what they can do to make that happen then you are both working to the same end.

@Kevin Lee thanks for the feedback Kevin I would like to definitely connect with you to discuss your experience 

There are companies out there who will review a file for you (for a fee) and be able to tell you what was changed on the document? 

But, that aside, I’d like to initiate a discussion of where note investors feel the opportunities will lie moving forward.I’ll go first.  

There's a very good chance the issue(s) you face have already been discussed and answered.Ask questions in the appropriate forum.