Update: I went to see the place on a Friday afternoon and found the place only needed minor cosmetic repairs.

In January of 2016 I worked with my son to purchase a home in the Corktown area of Detroit, MI – he is now living for free with his renters while making updates to the home.Little did I know, until recently having jumped back onto BP, that we basically set him up for his “house hack,” a term, of course, I learned after rejoining this community and immersing myself into the podcasts during my commute to and from the 9 to 5.

They all would like the same things- convenience, cleanliness, updated electrical/cable.I have 2 units rented to millenials and when I hear people talk of them I am reminded of the sweeping generalizations about gen x.

Most people who achieve this goal will still work a regular job, because they realize that sitting at home while everyone else is at work is not that much fun.

., nothing major except updates.

Title insurance, property taxes/proration, insurance, lender fees, transfer taxes, attorney, title report and update (continuation), filing/recording fees, etc.Look at a typical HUD-1 and you'll see all the lines--there are lots.I would suggest you contact a local title company and get the local low-down on your typical costs.

@Tyree Etheridge I spend a good bulk of my time analyzing and doing due diligence on deals that come in on a regular basis. 

I was writing up an offer for a buyer on an updated FSBO and looked up their old listing for info, found they bought it from a foreclosure that specifically disclosed asbestos siding. 

It is possible to find some single family homes in the area for that price but the they are going to be 50s/60s build and most likely not updated .

Have made the decision to partner up and already have 3-4 potential candidates I communicate with on a regular basis.