I'm in Milwaukee and I have heard of a lot of bad stories involving this type of scenario...mostly involving out of state investors. 

@Mattin Hosh first, most cities in Metro Detroit have some type of rental property inspection every 2-3 years.It's not really a big deal 99% of the time - especially for owners who are NOT slumlords:)Also, a quick Google search will show that several states/cities are passing/considering similar legislation.One of the biggest mistakes we see newer investors making is NOT properly understanding Neighborhood/Property/Tenant Classes and naively assuming that any rental they buy will deliver Class A results.Read our copy & paste thoughts below and DM us if you'd like to dicuss more about the Detroit market:)-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Pretty cool.You probably won't find this type of home in Florida or anywhere where the water table is high.

However the owner comes from corporate world and they started out doing deep dives into markets and moving Hedgefund type portfolios between large investors.. they then decided to offer there service to smaller turnkey type and one offs..

In an ideal scenario, it’s possible to complete the process in about three months—especially if the rehab is minor, you have your financing lined up, and the property rents quickly. 

@Diogo Candido Wow very cool you are doing the same type of project i am looking to go into!

Over time, I’ve accumulated more cash reserves and don’t need as much flexibility, but I’m actually in the middle of a refinance right now using an interest-only mortgage—because the pricing with the lender and the corresponding ARM is more favorable than a comparable principal-and-interest loan.The key with these alternative or "exotic" mortgage types is that you need to be financially savvy and have a solid plan.

Quote from @Locke Tucker: What type of rental is it?

The worst experience we've had was with a flat roofer (very common roof type in Chicago) we finally wrapped up, after waiting almost two years for them to finish/fix something. 

What type of transaction fees should I be looking to pay and is there a down payment required?