Each state might have different process.  

Still need to close on the property because I have already put 18K downpayment and then work with city on split process.  

Would you recomend me buying out my lease, so I can start this process?

That's an average of 17% annually over that time.The City of Detroit has not only outperformed every city in the Metro Detroit area, its outperformed every city in the USA from 2014-2024:Let that sink in for a minute ... you'll probably need more time than that to process this!

At it's basic level:Assumption: Asking the bank to turn the loan over to you and going through the normal underwriting process, credit, income, DTI ratio etc SubTo: Taking over the loan without telling the bank, no underwriting, no credit check, no income verificationBoth have risks, but it's not my intent to be detailed in this post.

I wrote a BP blog about the processes we use, you can read it here. 

Ultimately, it’s about trusting your gut and assessing each situation individually.

Every individual contract is different.

Ask them why they decided to buy what they bought - it will give you all you need to know about their thought process and if they can procure a good deal for you. 

I’d recommend interviewing a handful of companies, asking for referrals, and making sure the team you choose has a multi-layer review process—so it's not just one person handling your books, but a team with oversight and checks & balances.And totally agree with @Markus Shobe: you get what you pay for!