With your background and experience you should easily be able to get this property under way and producing income in no time.

For example, if a first trust is being foreclosed you can quite easily assume that any junior liens have not been being paid since before the first went into default.

Go getters or entrepreneurs are easily distracted by shiny object syndrome.

@Kwaku Farkye those are some pretty solid areas Southfield is more expensive but you can easily get good returns with the number of people that would pay to be closer to their jobs.

@Brandon McBrideI have a home in Michigan City that I am considering selling. 2 bed 1 bath, rents for $700 but could easily get $750-$800.

It has paid for itself easily by helping me track / charge late fees on rent and for tracking / charging on maintenance requests. 

Your bookkeeper should handle this pretty easily.

The other part to the discounted rate, my PM will run the discount til March, and have the Lease expire April 1st so say they move i  January 1st the lease will be for 3 months, this puts us in position to have a spring renewal so if a tenant does move we will easily have a month for any work that needs to be completed and marketing time and still be in spring, it allows the tenant to "test drive the unit, and avoids the more than 12 month lease rule changes. 

They loan up to 70% of ARV so you will want to make sure there is a good amount of money to be made as they could easily be eaten up by fees. 

If they are professional, they can explain this quickly and easily.