They can include foreclosures, short sales, or properties owned by motivated sellers.

The short version is that you want a strong and diverse job market, low unemployment rates, a growing population, low vacancy rates and new development, affordability/cost of living, real estate laws and court system, good schools, and low crime.Check out the videos from Dave Meyers with BiggerPockets.

Mistakes I see people make is they plan on living there a short time and over renovate the property where they will never get the money they put into it back. 

The Norris Group has a hard money ADU loan, but it's short term (3 years). 

However, shortly thereafter, we began to experience delays in draws, mislabeling issues, postponed closings, and unreceived funds.

In my short time, the feedback you guys have so freely given has been great!

It’s a short-term option, typically 12 months, that can provide the flexibility and funding needed for a $150K renovation.Here's why it could be a great fit:-No prepayment penalties — so you can sell or refinance without penalties.

This is the tenants responsibility, period.

-Build a strong network in Detroit of real humans over a period of months, buy a better deal, hold it for 10+ years, weather early storms:  better chance for success.Even on that latter deal though, are you going to cash flow in month 1 or year 1 or even year 5? 

I assume you got a better interest rate, and I know you are saving a boatload of interest. 3) imagine year 11-30 where you are cash flowing thousands with paid off properties instead of hundreds because of these lean 10 years. 4) hopefully you can raise rents at least $100 each every year and in 2 years your cash flow neutral even with preferred short term mortgage.