You assume the owner occupant term is not enforceable...what are the legal grounds for that?

But  if you can do ground up ADU addition for $100k then it might add that value.  

After  3.5 years we have permits for a 17 unit redevelopment project.We had hopes that we would break ground within a year of buying the property....that fell by the wayside for 2 reasons:1) we had worked with the city to increase density through an affordable housing scheme that did not go as planned.

This community is full of valuable advice and connections to help you hit the ground running.

I've been investing there personally since 2019 and own 12-doors in Detroit proper.I lived on the ground there from 2017-2022 but now live back in California.To answer your questions... yes, you can still find cash flowing deals in Detroit.

There are many aspects of the properties and neighborhoods that those of us on the ground can explain but it does not compare to the insight from seeing them in person. 

I could do a lot with 150k if you want boots on the ground in Alabama.

Of course, many investors bend/break this rule, but that's another risk.2) If your bid wins the foreclosure auction, you then have to deal with getting rid of any occupants - who may steal/damage everything they can in retaliation:(3) You MUST have a great crew on the ground that can minimize surprises - not easy to do on your first deal.Regardless if you buy a foreclosure or other property, read our copy & paste advice below:-----------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

A ground-up construction loan for a new investor on some vacant land would also be a no-go as you must be able to show successful exits (refinance or sale) from a few projects before that's an option.So, we need to be able to see funds in your account that can cover the down payment, closing costs, and some reserves left over that will allow you to start your rehab.• No entity to close in: Though an LLC/entity is not a must-have, it's a nice-to-have prior to seeking financing.

@Seth Rose Best if you have some boots on the ground team that can meet with contractors.