Account Closed you have 2 items here to be aware of:Banks don't make a lot of money on smaller loans (so many don't write them)Buying with cash has a lot of rules to it (delayed financing, etc.)It might be hard to find a smaller lender in the area of the property so try to post on the Michigan forum to see if anyone can help with it. 

After you've done some strategic improvements and built the tenant stability, you can sell the property and roll the equity into another with no out-of-pocket down payment.

We will be raising rents to market value and improving the units to a more modern look.

@Anthony JankeFinding something that would reduce what you are paying in rent would be an improvement but I would encourage you to try to find something that would at least cover your expenses. 

Some people recover, but cutting your body to "improve" your looks?

For an initial review would you suggest to simply use the 50% rule and only if the initial metrics pass would you due further due diligence such as request as expense breakdown from the seller?  

I believe you'll find this to be one of the finest resources available for improving your real estate smarts and skills.First off, you're referring to a "subject-to" transaction, wherein an investor purchases a property that already has underlying financing on it by leaving that financing in place.

I am improving my credit, but of course, it will take time.

They would fund 100% of the acquisition and improvement costs with a line of credit on investment properties that are paid off.

Monthly Cash flow: $110.51COC ROI: 9.86%2% Rule; 0.74%I would need to find a partner on this deal to cover the additional capital I do not have.