There are some advantages to being off title, such as limiting liability, and its a lot simpler transaction.Anyway, if your due diligence is coming up great on the contractor, and you can triple validate the ARV, then I definitely think the deal is worth some strong consideration.

The is considerable risk to a private lender to loan directly to an owner.

Obviously, touristy areas like Destin would draw more potential renters BUT you are also competing against a thousand condos for rent in the dozens of high rises.

New constructions of the same category will not take place until the prices rise a distance above the costs

I'm going to go look at a map to see the areas you talk about.Detroit is a big area, do you think the city's problems will trickle out to these better areas and bring them down-businesses closing, crime rising, etc?

Any other issues that we should be aware of or special considerations?

There would be more considerations as to the parties, consideration, the parties etc.Such values can be proven in the market.

It turned out to be an excellent adventure, being the only one there, the auctioneer and auction rep spent a considerable amount of time BS'ing with me about how the process works.During the auction the auctioneer kept bidding on behalf of the beneficiary so I asked what that was all about.

It's your job to take all of this into consideration and decide for yourself how to proceed.Good hunting!

The lack of written documentation describing property condition at contract acceptance, however, will preclude consideration for repairs or price adjustments in the event of subsequent damage.