. $300K as I put a hefty amount down through that 1031 exchange).Current offer on the table proposed by my broker:$600K Purchase price7 year lease with option to purchase within 3 years for an amount equal to $600K less what they would have otherwise paid in principal under under a 7% loan for the same period). 

JineshFrom my experience, the guru / coaching route has ended in frustration from investors as they have found they have paid a significant dollar amount for education that is free online.Since you are starting out, my recommendation would be to 1.

This is their model.Curious to see how VRBO will price the same property on the same dates versus Airbnb versus paid software.

Was the house paid off or did you take over payments? 

They paid for a new glass top for the stove, repair to the counter tops and replacement of ALL of the hardwoods on the first floor.  

.- Current owner continues making monthly payments, we pay him after he shows he paid the mortgage on time.

My wife and I are currently looking into investing in Detroit and have secured the pre-approval letter.

If during the next 2.5 years, the owner redeems the property i get the money + interest back, but lets say they do not redeem the property. 3)  Within the last 6 -3 months of the expiration of the redemption period, I will file a petition at the circuit court for the tax deed 4)  At the same time, after filing the petition for deed, I will need to send "Notice of Expiration of period of Redemption" Take Notice to the county so they can mail it to the home owners and any interested parties informing them to redeem asap. 5) I will subtax early the following taxes as soon as they are generated by the county. 6) Inform the property owner in three ways, certified mail from the Circuit Court Clerk, being personally served by, the Sheriff’s office; and notice being published in a local newspaper. 7)If the taxes are not paid and the last date to redeem passes, the tax buyer can apply to the Circuit Court for an Order directing the County Clerk’s office to issue a tax deed to the tax buyer.

In most cases, the owner/possible seller would want an option fee paid up front to entice them to entering into the option to purchase agreement, so assuming that is the case, would enter into the agreement with a pretty firm plan to purchase and not lose that option fee. 

It requires appointing a guardian ad litem, who must be paid by the party filing the lawsuit.