It needs to have a minimum number of units that will give you the ability to hire a on-site property manager or a Property Management Company and not tie you up with the daily routine requiring too much of your time and lets you be more productive.Good luck to you!

So the question becomes whether you can tie up that money for a while.

Others want to ground lease or have you build and do  NN or NNN lease.Leasing they can save money to re-image existing stores and build new ones versus if money is tied up into land and building it can squeeze their capital to grow. 

NOW, IF all but 1 investor came in with cash, and the 1 came in with a loan that tied up the property and then defaulted, it would put the other investors in a high risk position. 

Alternatively, See if you can tie into the sewer if it’s nearby.

Reception halls are tough-- their business is absolutely tied to micro and macro economic events, not to mention susceptible to being undercut by competition (Unless they have a great hotel or restaurant name attached to them-- those tend to be the qualities that mitigate reception-risk.) 

Finally, some investors choose to use bridge financing which allows them to borrow against their current equity in order to purchase another property without tying up all of their cash flow.

We tied the parcel up for basically nothing, and used our commission as a down payment The seller had some terrible concept drawings, that we knew we could rework and did.

If you refer to if as the ghetto is that really where you want to tie yourself to?

I'm not familiar with the markets in Michigan, but if they are like other areas in the Midwest, you'll likely get lower appreciation with stronger cash flow.