My plan is to self-manage the property and rent it out by the room, and I believe your expertise could provide invaluable insights to help me navigate this venture successfully.Specifically, I'm seeking advice on the following areas:Property Management Software: I'd appreciate recommendations for property management software that would streamline my operations and help me stay organized.Bookkeeping: Could you provide guidance on best practices for bookkeeping in rental property management?

I'm still curious about people working together with the next highest bidder (presumably one with discount) winning.I appreciate your insight, I've read several of your posts and bookmarked your site in my research on investing here in Detroit! 

Those equitable gains can be tapped via additional finance mechanisms tax free, there in amplifying purchase power vs tax'd capital, or via an exchange. 

offer a fair market price that you are happy with and then in the contract say you will pay X amount additionally over 5-10 years to equal the amount they actually want? 

General Contract Language- Broad language allowing PM to receive and collect fees from tenants so long as it doesn't explicitly conflict with said agreement (meaning any additional fees can be added even if not in contract)?

Additionally, you should examine the past two months of bank statements / investment accounts to ensure applicants can afford rent even if they lose their job.

Then you may be able to split the lot and do a construction loan for a new build on that additional lot...

Additional thoughts.  

In addition to being part of a few syndication deals in the Houston and dallas area, ill just speak anecdotally: Its very hit or miss and really depends who you get to review the case.

When evaluating such deals, when does it make sense to purchase a property that can be fixed and refinanced to maintain ownership, while also allowing for the construction of a duplex on the additional lot, thus maximizing the return on investment for both the lot and the property?