If I have several options, I would prefer a HELOC with no initial draw requirements (i.e. to establish a literal line of credit that I have no specific short term plans to use), i.e. not something like the better.com HELOC. 

One thing that did provide some reassurance is that we took the initiative to verify they own the property through a county property search.

They don't understand how to price effectively, study the market, set boundaries with tenants, establish policies and procedures, communicate, and dozens of other things.

Mom and pop sold the park for a price that the market would tolerate.

Options like a unique amortization schedule or a 3/2/1 or 2/1 stepdown interest rate could provide initial relief to get you through the renovation phase while giving the seller confidence in a structured payoff plan.To determine an entry point, consider reducing the price based on the current NOI.

Don't do real estate over the Stock market.

how is rental market in that area these days? 

Do I initiate a lot of the updates/questions?

If you plan to self-manage initially in MI but go full management in Detroit, you’ll want a very dialed-in team.

Our owners spent $0 in marketing.