I think it's ok to buy and not get a great return, but don't try to convince yourself a property is performing better than it is.

Let's say I found an under performing property where I know I can add value by reno, raising rents, minimizing expenses, etc., I will be basing my asking price for what it's potential value will be after I'm done fixing it up?

For example, you can be totally me fine we me performing open heart surgery on you even though I am not a Doctor, but it's still illegal.

Some lenders I know will do for less but the goal would be for you to raise rents on non-performing units, which there probably is.You can also buy the portfolio, fix up individual buildings then sell off the ones you don't want.

I know a lil bout every trade but a ‘1/2 jack of all trades’ will leave under performed projects and I want to start strong and do the jobs correctly.

Now, whether he also deserves payment for the renovation work he performed and, if so, how much, is a separate matter.

Sort of splitting the savings with the buyer.This would be my first rental property purchase.What services does a realtor typically perform in a transaction that doesn't require selling?

Do you have the funds to perform the remodel now, if they leave?

I would maybe even tell the landlord that the landlord can supervise you during these interviews if he wants, but you're just trying to get an idea of how the asset will perform into the future.370 PSF in Southfield MI is a pricey property indeed! 

If you are a street performer playing a saxophone and someone walks by without giving you money, do you keep playing and wait for the next passerby or do you chase after that person like a lunatic and say "don't like saxophone?