If you can be around there that's a great area, or if you are okay with being further out you can look in Buckey potentially or Queen Creek.

@Holly Thorsen see above for potential challenges tapping your equity in the rental.You only need 5% down for a regular mortgage, 3% down for an FHA mortgage - so why don't you have the funds?

The neighborhood has been flourishing, making this incident highly unusual.What initially drew me to the property was the potential for high rent and strong cash flow.

Start by formalizing a lease agreement, evaluating potential renovations to maximize rental income, and deciding on a rental strategy (short-term or long-term).

multifamily and single family both have potential value.

Happy you joined the party.. how soon do you plan to start crunching numbers on a potential deal?

I am assuming that even if you strucutred it with a higher purchase price (85% of value) and pre-paid rent it would potentially still be frowned upon.

Germantown has better cash flow potential but may require more hands-on management.

I am from some of the worst areas in Detroit and have since moved outside of the areas that would be considered “unsafe” but because I am from Detroit I am familiar with areas that are redeveloping and have great growth potential; lots of new construction, townhomes even, and lots of land.

There’s huge retal income potential if you nail that balance between improvements that wow tenants and improvements that merely look fancy but don’t justify higher rents.I’d also keep an eye on how your high end plan fits the local demand.