I’d like to start off by house hacking a multi-family unit. 

More importantly, does anyone have an outlet that will appraise the property off of an income-based approach appraisal and not sales comparisons?

The behavior is a bit off, but not surprising for a mom & pop landlord.We tell our residents exactly what we need from them for the application. 

I personally would not invest in detroit as historically its not a appreciating market and for cash flow and I invest primarily for appreciation - I go off the location location location mantra. 

If its a direct lender, you might be able to pull off a 10 day close if its a smaller lender that has very quick underwriting turn times.

I don't want to bite off more than we can chew with managing a full reno while we learn the ropes. 

Being out three months of rent plus $1,500, I'd be better off handing back their SD and forgiving the month of rent they couldn't pay.  

Wholesaling is another way to generate cash by finding off-market deals and selling them to investors.

@David YoungTo turn your paid-off home into a successful investment property, start by formalizing a lease agreement, assessing necessary renovations to maximize rental appeal, and calculating your cash flow after expenses.

My initial investment there started off a bit rocky.