It would be a huge mistake to help your friend get into this rental. 

The worst lenders I have dealt with are the ones with underwriters in one time zone and origination department in another, branch manager in another that don’t communicate well with each other and end up over-promising while not being able to deliver.

@Kim LeduffIn our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.

You may end up needing to go through the whole foreclosure process which can take a lot of time and cost a lot of money, and you may end up getting the property back in much worse condition than when you sold it, potentially with a squatter in it and months of lost rent, and in a worst case scenario you will be in a much worse position than if you had just sold it outright. 

Guys like Pace Morby will tell you it’s not rocket science.The “learn-as-you-go” mindset can lead to costly mistakes that are avoidable with the right foundation.

Sometimes you realize you made a mistake for some reason and decide to make a change. 

I wouldn't consider a SFR to be a mistake if the rent can cover the expenses.

Always prepare for the worst.

a lot of new investors pick the cheapest markets in the country regardless of how far away they are, and how much knowledge they have of them, and I think that's a huge mistake.