Darren some sound advice.As well as current resume, experience , team members, exit strategy, why invest in this project, skin in the game.

They have more skin in the game then you do.Make sure you get clear title.

Exactly...you need to dig out the cracks...to many contractors will just try to patch without digging it out first and it just cracks again in a few weeks/months.Also, if you have to repairs large areas (or several areas around the house) it's often cheaper and easier to just texture all the walls after repairs rather than trying to get all the patches smooth.

Painted brick has a quiet beauty to it, as you still get the effect of texture but the serenity of the single palate to calm down the riot of color. 

Discuss with them what is common practice in your area....as far as what amount of skin you need to have in the game and what are the options and timeframes to get that back.The other skill you really need to have is knowing your rehab numbers.   

Agree with many of your pointsAs they say many ways to skin a catDetroit has markets within markets, I am focusing on those that are already rising and gentrifyingAlso not just looking at buy and hold strategy in this marketTime will tell if I succeed, will keep you poster and flag this thread in 12 months

This means wall coverings (texture, paint, wall paper, etc.), flooring (hardwood, carpet, tile, etc.), all appliances, fixtures (chandeliers, sconces, tub, shower, toilets, etc

Besides, even with the small chunk of income your friend is giving you, he has no skin in the game.

Opening the other half of the French door gives you a 5'+ wide doorway to get things through.My residence and my rental house both have steel-skin front doors (not sure which brand) which seem to work well. 

Anybody else trying to skin this cat?