I'm gonna play a small hand and see if I can get a counter offer accepted for the 2 empty lots next to my personal home.

I have about $300 on my credit cards (just finally paid them off for the most part, and have about $20,000 limit).My cash on hand is relatively light, but what my plan was was to find some single family homes in the north Detroit area (currently anywhere from $40-$60k and put about $15-20k tops into any repairs or fixes (not looking for total rehabs, mostly something I can do some small repairs here and there and paint, personally I am knowledgeable about renovating up until complex electric and plumbing).

My main concern, being my first rent increase, is the attitude/personality needed for such a task.

Tenant also agrees to the following:-All drains, waste pipes, and plumbing are accepted as clear by Tenant at the time of occupancy, and any material blocking them after occupancy shall be repaired at Landlord’s cost, unless determined by repair person that such blockage occurred during the time Tenant controlled the Premises and due to some fault or negligence of Tenant, specifically excluding blockages caused by roots or backups from the street.

My initial idea was 10-20% down with 7% interest rate for 10 or 15 years after doing research. 1 person suggested a balloon at the end and another person advised against it. 

Hi Adam,If you hold a license and have been through the purchase process before with other agents, I personally would be open to doing it myself (I am also an agent and have done this very thing).

Just heard of Ignite funding and wanted to invest my 401k.

The common area language should dictate that personal items are not stored in common areas, it may also address maintenance of those areas, but you will need to amend it to address outdoor furniture and grills. 

We have our own personal home, but are interested in the idea of having some rental properties to generate additional income and build wealth. 

Have you seen the completed home in person?