I meant that if I were to keep this property I have not ascertained what its' rental value would be.

Whether Detroit is a Municipality or an area, I suspect you knew what I meant.

This allows each one of you to maximize your tax efficiency (by electing S or C Corp of need be) while not affecting the other partner's personal tax position.

You would have your client (i.e. the potential tenant) sign this for (in AZ it is called the Agency Disclosure and Election) and in this way you are 'connected' to the potential tenant.

Finding that diamond in the rough is increasingly difficult, and while I claim no expertise here, I cannot see such a sellers market, combined with the current political/economic climate continuing for more than another 24 months, and possibly much shorter with the coming elections, without an eventual leveling out at the very least.

Sorry meant Then my loan will be $160K - 15% down = $136000 / 50% use for loan = $68K - $20K purchase = $48K total for rehab.

I think he meant he paid for something not paying for.

Again, just because your lease specifies the tenant pays for gas DOES NOT mean the tenant is in default of their lease for electing not to have gas service.

@Marquell Jones, what @Matthew Rollo meant by checking public records to have an idea of how much someone owes, is that liens are a matter of public record once recorded.

I'd be willing to move into the property if it meant I was there rent free, which I would make sure of.