I always tell our clients to find buildings with separate utilities when possible, and to also look for extra added values like larger units, rentable garage spaces, attics or basements you can duplex into, etc. 

Funny I'm a developer from columbus down here to make higher returns than we can make in columbus. we build multifamily for investors. maybe w can connect while I'm down here and I can give you some info on the ground up we do in columbus. we are looking at midrise condos and multifamily developments with T6 zoning. miami allows incredible density which allows you to make a lot of money and the new construction values are almost 3-4x what we get in columbus urban core. 

The investor seems genuine and I could not find any major red flags about him online.

Business credit & personal savings How did you add value to the deal?

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Detroit is intriguing to me and from the folks I have connected with, I see value there. 

I built a software called Areii that allows you to get property value estimates and rental rate estimates.

This forum so far has helped me very much in learning.Thanks in advance  As others mentioned, its similar process of getting a bank loan, you usually can close faster though and certain factors may have more weight (for example personal net worth and potential value compared to credit are a better factor).

1031 exchange from a land development deal How did you add value to the deal?

What is the property value?