I have a family member that owns a lot and residential property in Downtown Detroit.

If there is little to no equity, the borrower may not be able to sell the property on the open market because it would require cash at closing. 3.

What about the property makes it hard to comp?

Get the inspection report and check comparable properties quickly for condition and then go to the seller with your proposed reductions and be able to point out condition-comparable properties in keeping with your proposed price reduction.

It’s nice to have a million dollar property I didn’t pay for as part of my retirement plan… ;)Makes sense.

You can't even change a lightbulb.You or your family can't use or live in the property. 

I have a ratified contract for a property.

Perfect for rental properties, including Airbnb.

For an owner-occupied property with 5% down, consider a conventional loan with a renovation option like Fannie Mae  or Freddie Mac.

Property is located at a wonderful highly traffic location. 18k cars a day and will only be increasing. 5 of the 13 acres is zoned commercial, the back 8 acres is zoned large lot residential.