Both have high credit scoresProperty Goals: Positively contribute to the growth and recovery of SE MichiganThe Property: Type: Quadplex with Attached Commercial unitLocation: SE Michigan, 20 min commute from either Detroit or Ann ArborAsking Price: $269,000Repairs: $20K max (tear down of a barn that needs to happen within the next 5 years and maybe a kitchen rebuild)Approach: House Hack for 1-2 yrsProperty Income: $517/mo. after expenses while house hacking, $1,017/mo. after I leaveCash on Cash ROI: 15.9%Numbers I used to calculate this: ARV $269k (to be super conservative), $3k closing cost, $20k repair, 20% down with a 4.8%APR amortized over 30yr., Taxes $7779/yr.

Hi @Kendra Mattson I recently moved back to Michigan, after living and investing in San Diego.

Not sure how I feel about that since it is the house of my parents and I grew up there.So best case is I have a free and clear property in Roseville Michigan just about 6 miles north of Detroit that the value should be about 70k. 

When the two meet, you invest in that market...and the range you are looking for is established for you.However, with that in mind, here is what will dictate those numbers when you are coming from both sides...and reverse engineer your answer from both ends to the middle.1 - Rents in the market areas2 - T/I in those areas3 - Cost to buy in those areas4 - Cost to finance your buy (refi)5 - Cash flow left over after all expenses/month factored in6 - Min cash flow required based on your goalsExample here in Michigan (doing this deal right now):1100 sq ft 3/1.5 ranch w/bsmt & 2 car detached garage in Redford, MI$47,000              My cost to buy/rehab/etc...in cash$64,000              ARV (will be higher in spring/summer too)$48,000              75% ARV for refinancing in 6 months$  1,000              Cash out at refi (on top of cash back of $47k)$     950              Rent/month$     350              All expenses/month inc PM$     600              CF/month before REFI$     243              REFI PI/month$     336              CF/Month with REFI in place, and NO CASH left in deal (actually, I get                                  back $1,000 more than I started with)My criteria was:1 - All cash back by the time I refi, and 2 - At least $300/month in CF with the refi (and PM) in place The Market dictated:1 - $1000 Rent2 - $47,000 max. 

Select it and they are tagged.Around here (SE Michigan) we have been able to achieve those numbers ($1k cash flow monthly) with that size investment buying small multifamily, but you still need reserves to get the loans- 2-6 months PITI depending on the lender.  

If you are looking for legal advice you should get your attorney involved or maybe someone who is an attorney in Michigan will chime in here.Everyone who is going to answer on this post will be speculating and will likely be a waste of your time when the lawyer could get you the info you need right away.

Hey Bp just wanted to introduce myself I'm Lee from Lansing Mi.

@William M. I

Thank you @Lynn M. , I like your idea of getting your own engineers to further refine the risks in certain areas.

I am a landlord for residential property in Detroit Michigan looking to make a transition into real estate flipping.