You do have other options.

Sharing an article I published here on BiggerPockets last year related to this topic on all about the financing options / qualifications / underwriting for STR income in case it helps you!

Either way, I'm glad it's being more recognized as a good housing option. 

Not saying it's not possible or profitable in the rest of the city, simply the multi unit option and 0% vacancy from the university makes it a great option.

Constructing an IRR timeline on both options using the timeframe you decide on will help you visualize the better yielding investment.

If you are looking to refinance with a rate and term or non-qm option you may be looking at around 6 month season.

I’m from Idaho but have just started considering similar investment options in the Detroit area.

I am wondering what my options are to turn these properties around.

If this your first, a flip may be a viable option so you can build up some reserves. 

Hey @Mohammad Al-hadad,The first thing I would say is that the cool thing about real estate investing is that there are many options and styles about how to invest and what strategies you want to pursue.