It is still competitive , but as with all markets there are always deals to be found.

Hi Sergio, I think there are way too many variables to be able to gain any real insight from responses here.

The inspections alone cost me $1,300, but that upfront investment saved me tens of thousands of dollars and spared me countless headaches.In short, buying older homes requires more diligence and negotiation, but when done right, it can be incredibly rewarding.

This can be a city or neighborhood.We manage a lot of Class C properties in the City of Detroit, so previous evictions are common.We typically do NOT allow within the last 3 years and we want to see stable employment, income and no other major credit issues since.For Class B rental we're looking for no evictions in last 5 years.Class A, would be at least 7 years.Of course, there are exceptions to all of the above for extenuating circumstances the applicant is willing to provide acceptable documentation for.

Numerous ways assets can, legally and illegally be placed beyond the reach of judgement creditors. 

Might be worth a read or talking with an attorney if you do not have a real estate broker's license.

@Becky Hoffman If one member of the LLC does not care to have any claim to the property as you describe why can't the partner merely be removed from the LLC.

For instance, I've reached out to cost segregation companies in San Diego that will base land vs building value on whatever split the tax assessors report shows which many times can be around a 50/50 split. 

If I understand correctly you'd be purchasing the land, and improving it and splitting it into the appropriate "buildable lots". 

We have dealt with this before and it can be a nightmare.