Treasuries will go "no bid" and there will be a collapse of confidence in both (i) the U.S. dollar, and (ii) U.S. treasury debt instruments [bills / bonds / etc].When this financial inflection point comes, you do not want to own assets who's values are directly tied and leveraged to the yield on U.S. treasury debt instruments (specifically commercial real estate where most market participants are max leveraged).

Is there a clause in the contract that ties you to him after the 7 days?

The rates are usually tied to prime and LTV plays a factor as well for the best pricing.  

Your expense ratio remains flat, and therefore doesn't really create much value in the deal.Compare your 2% rent and expense assumption to what most syndicators underwrite: 5% rent growth after an initial renovation bump; and 2-3% expense growth; and you get vastly different outcomes.As to whose assumptions more closely tie to reality is to be determined, but if you used assumptions more in line with what syndicators are using, I think you will find the return projections narrow dramatically, if not flip to SFRs.  

Detroit is coming up big time, but it's still flying relatively under the radar.Suburbs are getting increasingly expensive while the city is getting stronger and more attractive to move into.

In hidden vaults beyond the veil,I guide investments without fail.With freedom to direct the way,My wealth grows stronger by the day.A private path few mortals see,What tool do I employ for me?"

My hands are a bit tied here. 

I do see risk of tenants using the ordinance a way to extend their termination date through tieing it up with paperwork.

If they cant be bothered to provide basic proof that they can close before tying up your time, then they will be a nightmare to deal with once under contract. 

Hey @Daniel Curtin - Blue Island is a great area to invest in as cash flow is a little stronger and taxes are not horrifically high and they have a great deal of 4+ units, as well.