Every month, he will prepare a detailed statement of expenses and income, and send me a check for the net amount of my share, which I presume is taxable income.  

@Tushar ShettyThere's entirely too many sub-markets within Cleveland (and I presume Detroit) to answer your questions in any meaningful way.

@Chelsea Ziss, I presume the finishing of it later refers to the sleeping room, not the window opening and the window itself?  

I presume it depends on the lender but do they focus more on the property or the investor?

Let's presume that every option has three variants, good, average, awful. 3^4 = 81.

As I understand it, a 3 year call means the bank adjusts the rate every 3 years (up, not down I presume.)I'm not crazy about the rate changing, but I dig the terms.  

Liability I presume?  

This presumes you scrubbed your list first for owner types you don't want (banks, corporate, etc.). 

Would be great to find out where I'm so looney tunes in my thinking here.Deed-in-lieu occurs when the deed holder (now you since you presumably / hypothetically bought the junior lien position) signs over the deed to a senior lien holder to avoid a foreclosure proceeding.

The house is most likely dated, as I presume he has not modernized it in recent years!