I am sure there are more details I'm missing but I would love to hear anyone's contributions on this. 

Owning apartments and currently in the process of doing my own value add to increase the rents for valuation purposes, I would recommend to do a very detailed due diligence walk through of the property with at least 3 contractors (if you are unsure yourself) to get a good scope.

I really appreciate the detailed response, there are a lot of gems of knowledge I was able to get from it.

Would love to hear your detailed thoughts.

If you are looking for a less expensive market near Ann Arbor, Ypsilanti might somthing to consider.Messege me if you want to discuss anything in detail.

Does it go into detail wholesaling out of state, or subject to's, or lease options?

Details on my mortgage - Interest bearing Principle $197,000Deferred Principle $95,440Interest rate 4.7%20 year loan with 18 years left.I wanted to pay $7,000 extra a month for the Deferred Principle  but the lender company told me I cannot pay on the deferred principle while there is a interest principle and thats need to be paid off first.So my question is if i put a extra $7000 a month on the interest principle and pay off that early would I still have the remaining years to make payments on the deferred principle?

Jared,Take a look at these articles and I think you will be able to make a decision.http://www.themoneycommando.com/umbrella-policy-vs-llc-asset-protection-part-1/http://www.themoneycommando.com/umbrella-policy-vs-llc-asset-protection-part-2/ They dive into very detailed explanation as well as many risks/benefits & possible scenarios in which makes better financial sense.

I think it is a good investment to hold on to, but I also want to be able to invest in something back east to live in, maybe a duplex.Here are some details: We could potentially rent our house out for twice the mortgage.

Not a lot of details but if this place has the potential of 3500/mo and they're giving it up for just 55k....it must have some serious issues that must be addressed beyond the scope of practice for a beginner.