@Jesse Streng Great that you want to invest in the Detroit area but I encourage you to come to the city and spend a weekend here to get a feel for the market.

They didn't extend loan maturities because they were looking out for borrowers--and the moment they feel the market is strong enough for them to liquidate the asset they will foreclose and/or force a sale to recover as much principal as they can. 

I know when I was an active Broker my SOP  was get listing open escrow with buyer to be determined and order the preliminary title report prior to spending money on marketing someones property..

And as investors we should know this, but always anticipate higher costs and longer waits.EXAMPLE Breakdown of Costs:Plan Purchase: $1,500Permitting Fees: $2,500-7,500Site Preparation (grading, utilities, foundation): $20,000–$30,000ADUs require separate utility connections for water, electricity, and sewer but you can tap into existing utilities at the primary houseIn Raleigh you CANNOT split lots fee simple, so setting up completely separate utilities would not allow you to section off the ADU as of nowYour ADU must be on a permanent foundation (no wheels, no ability to move the structure)Construction (labor and materials): $100,000–$150,000Low-grade: $150–$180/sq ft averageMid-grade: $180–$220/sq ft averageHigh-end: $220–$250/sq ft averageLandscaping/Finishing Touches: $5,000Total Estimated Cost: $125,000–$200,000You could easily spend $200k+ with super end high finishes, custom designs, complicated sitework, adding a second story or more sqft, etc.

I'd also spend some money in direct marketing to get more sellers, and either wholesale those deals or buy them myself.

Due to the holidays the time to appeal has been extended and there are 2 more working days left.

Little to no rehab/capex spending was needed.

I’ve extended a connection request! 

Spending $1,000 to start the process can be worthwhile if you’re clear on the steps needed to reach that point.As for renovations, the approach really depends on your goals and the scale of the work.

I'm sure they also spend significantly more time on their role, than you do in yours....or at least their time spent is more constrained where yours can be remote/on the road.