I focus solely on Detroit proper because, in my experience, the rent-to-price ratios, opportunities for value-add projects, and overall market potential are much stronger there.That said, Detroit is a nuanced market.

I like this option better than a Wrap because for me its just easier to understand and navigate, especially if lender calls the loan.With all this being said...I am just looking for those that have direct experience with using Lease to own to get into Multifamily and Apartment building type projects.

That being said, if you'd like to look at higher leverage on bridge/hard money financing for your next rehab project, I'd be happy to chat further. 

However, given the price points in NYC, I am looking to southern CT so that I can start small for my first project.

So monthly expenses are $2809.I'm assuming for the sake of this conversation that you charge $150 per night and are occupied 50% (15 nights a month), so your projected income should be $2250 per month.If the above numbers are accurate, you will have an operating loss of -$559 per month.

Here is an example with some figures:My LLC total investment = $204,000Partner LLC total investment = $196,000Value of project when complete = $500,000Each LLC value afterwards = $255,000 / $249,000The plan was for me personally to go get the refinance loan because the terms are so much stronger than if I went portfolio with the LLC.Loan total = $300,000 (keeping at 60% or under of value for best terms from the bank)Partner LLC payout = $249,000My LLC payout = $51,000In this scenario, I am struggling to see how to get the remaining equity in the project into my personal name? 

One of my connections will fund the rehab for less and give it all to us on the upfront to finish the project at a lower cost.

It's a perfect winter project for me. 

I am thinking of that being one of my next big projects if the community is wanting it. 

Properties like the Michigan complex offer a unique entry point, combining cash flow and significant upside potential.Immediate Cash FlowThis particular property is projected to deliver 6% annual cash flow from day one, already exceeding the yield of Treasuries.Value-Add RenovationsThe property includes hundreds of units that can be upgraded to Class A finishes, justifying rent increases.