We have 2 school bus stops right next to it.

However, it’s essential to consider the challenges of investing in Detroit, such as high crime rates and poverty, before deciding.

Please share companies with competitive rates.

Just a warning, heloc rates are high right now, mine is at 10% but you could find a better deal for a short period realistically. 

Getting alternate financing (wm2nd, heloc, etc) for equity position may be possible but it will 1) be at market rate 2) may increase the due on sale clause. 

Most work this way Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

Some hard money lenders may offer better leverage but the interest rate and origination fees will be higher.  

It is not as cookie cutter as 1-4 conventional and FHA rates.

Rents do go up over time (as do costs, but hopefully at a lower rate). 

The FED is not reducing rates (maybe 1-2 times in the fall) but it's going to be 0.25%.That changes nothing.