The median income and other MSA data is garbage, at least when it come to Detroit, so agree your $30k is also then garbage, per your logic:)City of Detroit is suing the Census Bureau for their antiquated methods leading to misrepresentations of Detroit.

That's another issue with having partners. 

I think the biggest issue is they all start with a "Cash invested" amount and I have no idea what mine is at this point so I am lost out the gate.  

An estoppel certificate can also help verify the terms directly with the tenants.Market Research: Look into neighborhoods where multifamily properties are more common.

This is a complex issue and I know the community would benefit from learning about our decisions.

Can someone share insight on a standard or common structure for loan terms when you are a private lender?

Small slivers of land, lots too small to build on, no water, no power, landlocked, flood zone, dump sites, no sewer, but too small to add septic, around where I live counties require a certain amount of road frontage so people won't put mobile homes, so you can buy OTC without the required road frontage and lot could be more or less worthless....can't build on it,  and all other kinds of issues. 

This is called cash-for-keys and is common in markets where eviction is difficult.

Sure you can find better deals, but that is the common one I see.There will be times when the market is great and sometimes when it is down, but very hard to time. 

However, if you plan to do a furnished rental, then I think month-to-month may be more common.