@Adam Daneff: I should clarify, as I know most homes in the "student ghetto" don't get renovated, per se.

I'm sending a LOI out next week for an underperforming 36 unit multifamily in the SE.

In my case, a crappy little $500.00 claim means it's simply not economical (unless the filling body has a s-e-r-i-o-u-s grudge and money to burn) to pursue.

In my experience, if lenders see a W-2, *even if you're the sole owner of the 'employer'* they count that as higher quality income than SE income. 

Backyard cute but small.ARV - $340,000 MAX Comps1. 20 H ST SE 98002 sold for 349,950 on 12/2016.2. 3324 M PL SE sold for 325,000 on 7/20163. 14 J ST NE sold for 300,000 on 11/2016.Arrears - $30,000     (plus 181k left on note)Rehab - $35,000Profit - $35,000Fixed costs (CC both ways, excise) - $12,000Holding (6mo) - $3,000Wholesale fee - $4,000This house is in a hot neighborhood, does not need realtor help whatsoever.340-30-35-35-12-3-4= 221,000 max offer to sellerPictures:

If it helps, I am in the metro Detroit area and looking to invest in SE Oakland county.I am starting to think my options are a private investor (hard finding reputable companies to loan for my first flip) or a hard money lender.Any advice on how I should proceed to secure finances would be greatly appreciated

I am also from Houston and work on the SE side.

We're in SE Idaho, Rexburg to be exact.I look forward to sharing experiences with everyone.Let the fun begin!!

The s-corp owns nothing but has SE tax benefits and I can establish/fund a defined benefit retirement plan with excess profits if I need to defer reportable income.  

I stay away from the SE side but I do have one on Americus SE that is a solid property.