That's a great return, given it offers tax advantages, and while those investors don't have skin in the game on exit, they've enjoyed stable returns for 5 years, diversified across hundreds, if not thousands, of units & geographical territories.

They have more skin in the game then you do.Make sure you get clear title.

Inflated rents, downplaying Maintenance, under quoting projects, can sell more homes but make our company look bad.Because we are providing more than one service we have more skin in the game than most agents and I would fire an agent if I found numbers that were not substantiated by good comps.We need a certain kind of agent though because sometimes doing the right thing for a client means making less money.

Darren some sound advice.As well as current resume, experience , team members, exit strategy, why invest in this project, skin in the game.

They have more skin in the game then you do.Make sure you get clear title.

Discuss with them what is common practice in your area....as far as what amount of skin you need to have in the game and what are the options and timeframes to get that back.The other skill you really need to have is knowing your rehab numbers.   

Agree with many of your pointsAs they say many ways to skin a catDetroit has markets within markets, I am focusing on those that are already rising and gentrifyingAlso not just looking at buy and hold strategy in this marketTime will tell if I succeed, will keep you poster and flag this thread in 12 months

Besides, even with the small chunk of income your friend is giving you, he has no skin in the game.

Opening the other half of the French door gives you a 5'+ wide doorway to get things through.My residence and my rental house both have steel-skin front doors (not sure which brand) which seem to work well. 

Anybody else trying to skin this cat?