You could also consider other alternative construction methods such as prefabricated buildings or tiny homes.Ultimately, the best option for you will depend on your financial situation, goals for the property, and level of risk you are comfortable with.

That might make it financially unfeasible for that. 

I would recommend you get a realtor for your protection.

As an escrow officer, a bad contract or a bad deal puts them in the seat of the agent, attorney, therepist, life coach and financial advisor for all parties.

Also, in our opinion, many investors make the mistake of assuming their first task is to ID an area to invest in - when they should FIRST be deciding on what Property Class to invest in -> then look for an area.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.Our OPINION for the Metro Detroit market (always verify each area for yourself!)

You're dealing with the government and they put protections  in place for themselves and their tenants so you can't arbitrarily raise that rent to whatever you want.  

When creating an investment summary, consider including key elements such as property details, financial projections, market analysis, and your investment strategy.

Additionally, you will still be responsible for paying the cost of the house and any associated renovation expenses, which may be a significant financial burden. it is important to carefully weigh the benefits and drawbacks before making a decision.

Don't just settle for a 0% return, that's like buying a fancy car with no engine—it might look good, but it ain't gonna take you anywhere financially. 

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord.