I live just outside of Detroit but work downtown and this is a really terrible idea unless you've got a really solid knowledge base about Detroit, as well as multifamily housing.

Also, do your research, if the agent is terrible or has a bad reputation, invite them to compete for the listing.

This is a complex relationship and process and normally requires the community to sell and present for finance 30-40 borrowers a year at a minimum.There are also a variety of industry programs, some OK and some terrible from existing industry chattel lenders and/or manufacturers with lending programs.

Our current CoC return/cap rate on the property based on the original investment is roughly 7.5%, which isn't terrible. 

quicken is terrible to work with as you deal with someone far away.

That's $72k per year which is a terrible return and probably not quite as safe as keeping the property.

He was terrible with money and always late.

My house did not flood, thank goodness, but what those residents went through (and are still enduring) is terrible.  

I drive a very old ugly gem of a car, I live in a terrible neighborhood and I absolutely adore, cherish and love this house because it's a roof over our heads and I know that I can always afford the rent and for now that's ALL that matters.It may always be that way for me and if so, then so be it, that's the cross I bear with tears of joy because there are so so so many with far far less.  

I kept my original investment in cash, however, so in the unlikely event that something goes terribly wrong, I haven't lost any money.