I also can take out a home equity line of credit on my current home....but I need direction. 

LOL   That is exactly what I would expect from the Detroit City Government.If you go there, they are likely going to say you first need a license from a different office on the other side of town and when you drive there, they will say you need an appointment with them, but they only have appointments the third Thursday of each month.  

Current return on equity about 4.4%. 

Just closed on my first loan with them.

Congrats on the great purchase!!

I recommend you educate yourself on how to screen an ESA before someone takes advantage of your ignorance.

Are you advertising on GoSection8 website?

You can work with a local credit union that does HELOCs, Home Equity Lines of Credit or Loans, on investment property.

Therefore you have to rely on contract, if its a new build, make sure its in the Purchase Agreement.Why?

Hey Zahra,Have a lot of clients working down there and you are correct, it has become a great place for investors.Biggest differentiator that I have seen has been on appraisals after the repair.