Hard money was the best option for this property, given the condition and timeline to close.

It wasn’t the biggest spread, but the experience was priceless.

What if the city shuts the entire thing down until the basement is converted?

We all know about the shiny object syndrome or at least we have heard of it. 

My business partner provided the upfront cash for the down payment, and we used hard money to cover the remainder and the rehab costs.

You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.Good luck. 

Rob just updated everything...here is the site he tells everyone to visit for STR cost seg.STR Cost Seg

If the buyer fixes it up it will probably be worth 160k. 

The seller wants what he wants OR the property won't qualify for financing because of repairs.

I invest in Detroit as well, and it's a city full of opportunities if you take the time to understand it.A couple of quick tips: Get familiar with the neighborhoods—Detroit is very block-by-block, and the difference in property conditions or tenant quality can be drastic just a few streets apart.