Living in the property during the renovation not only saves me on living expenses but also allows me to intimately understand its potential.

OTOH, we have been involved in mny Quiet Title Action Lawsuits, not the most pleasant ting to do. 

It only works however if I can scale and use the system to get into larger deals in time.  

By practicing that and setting a goal to get 1% better with each interaction, in time, you'll be at the top of your game.

I wouldn't recommend in between, if that's not your cup of tea.I would just not recommend real estate "investing" the most intimate way.  

Quote from @Peyton LaBarbera: So correct me if I am wrong but doesn't an increase in rents decrease the cap rate since the property is more stable with a wider spread between gross income and the operating expenses Another question that I have is that does anyone think the property at this point in time is over valued because of the below market cap rate at 5.3 where the market value cap rate is 6.4?

This could be a build and sell or build and hold, with the possibility to sell individual units at any point in time.2) Condos are Horizontal Stacked Construction.

If you have not received your current assessment it is most likely not going to be pleasant.

Our team is absolutely available to answer any specific questions anyone has at any point in time.

I can also shoot over some Detroit specific resources.FWIW, I also lived on the ground in Metro Detroit from 2017-2022 so I have an intimate understanding of what's happening on the ground there.