Also regarding insurance lets say there is still 6 months left on previous owners policy after I take title. what happens if I need to file a claim but I am not on that insurance policy?

I honestly think that there are opportunities to make a profit all along the coast, but our aim is to maximise out investment as much as possible.

We would generally aim for $80k+ on this purchase price, and have a solid rehab estimate.Be liberal with cost estimates, and conservative with comps and profit expectations.Andrew

Some places, like a PECO (local electrical utility) substation have a zero-tolerance policy for ice and snow.

Before the new tighter lending policies, we would hold properties until they acquired a 50% equity, then use the equity as security on the 20% down and finance 100% on the purchase of anew property.

However, my policy is that I won't offer a financing solution if closer than about two weeks because there's so much work to do in a compressed time period.If a tighter time crunch involved, I've got dozens of ways and plays to approach and sell based on being in a "salvage mode."

So to end my rant and add a final statement (not aimed at anyone specific), "unless someone lives and invests anywhere in or around Detroit, then what do you really have to say that will truly be of use because all of your opinion's are created from watching the news and listening to other out-of-state investors bash Detroit and Metro Detroit.

I am closing a deal this Friday and the sellers settlement attorneys have issued me a Gramm-Leach-Bliley Act notice stating the following "In compliance with the GLBA, we are providing you with this document, which notifies you of the privacy policies and practices of Investors Title Insurance Company and (Firms name), Attorneys at Law."

Make sure you buy a policy that handles vacancy as most regular policies will start to have issues after 60 days.

If someone slips and falls, is the lawsuit covered by a liability umbrella policy not shown here?