It's definitely a sellers market here, the problem is, we can't find sellers.

@Arshiya Taami Assuming your credit is good and you and your partner have some liquid assets for downpayment and reserve, you should find financing relatively uncomplicated.

Our third partner, who has experience with smaller projects in Detroit, also finds this endeavor overwhelming.

Great job turning your condo into a cash flowing asset! 

A cash out refi should take 2-3 weeks with most lenders, and you should have only an appraisal a credit report fee as upfront costs. 

Only wasted time and many prospective buyers in the mean time.

Assuming when you say "$3900/mo in rental income" you mean cash flow.That means it will take you about 13 years of rental income to equal the $500k in equity you have now. 

-there is tremendous demand for inventory among both primary buyers and investors. 

I live in Miami and build in columbus and in our market there's very few places where you can get a cash flowing asset. you have to build it. are you considering building as a strategy? 

Higher interest rates are keeping some buyers out of the market so properties are sometimes sitting for longer or not getting the desired price.