Do you have any knowledge of Detroit or our surrounding areas?

(I'm senior management for a life insurance agency, transitioning to LA).

I am most interested in flipping and think some of my skill sets such as managing large projects in my career and a decent knowledge of construction lend itself to this tactic.

I think you should consult with a knowledgeable accountant (maybe after April 17, hah) about the best way to achieve your goals. 

I haven't actually started investing yet, but I have some ideas and would love to leech some knowledge off you guys. 

I've never owned a basement condo, but you might call some local property management companies and see if they have any knowledge on the matter.

I recommend you check out this article as it answers your question very well:http://buildingadvisor.com/buying-land/questions-t...Here is a portion of the article with useful questions for you to ask the selling agent:QUESTIONS FOR THE SELLER OR SELLER’S AGENTWhile you cannot absolutely rely on the seller or their agent for this information, it’s a good place to start and, in most cases, you will get accurate information TO THE BEST OF THEIR KNOWLEDGE.

In other words, if the tenant moved out April 20th without paying any rent or cleaning the unit, you could submit all the documentation to a collections agency and let them go after it.

As a buyer's agent I like having the knowledge that my client actually can get approved for the amount of money they have been told they qualify for.For commercial loans my clients use local banks live AVID Bank in Palo Alto or Comerica.For residential loans I like Bank of America right now. 

However there is some risk with these because this will rely on your knowledge of the area and rent rates around there for properties similar to yours.