I can't tell you how consistently I see $15k rehab/ $30k rehab tossed around when in reality, I get to the house and find its more like $30k/$50K.

Do Something Consistently on a Large Distribution Channel We're in the sales and marketing business.

We were called in to pick up the pieces, which consisted of kicking all the current tenants out, doing a complete (expensive) rehab, and re-leasing the units.

But no reason you can't consistently see 10% cash on cash return with proper management.  

Whatever you decide make sure you are consistant and set standards to protect yourself.

However, 1 of the 5 consists of a group of 10 individuals forming a syndication/partnership. 

There are no "ifs" anymore, it's already happening: https://detroit.curbed.com/maps/detroit-constructi...Rental rates are at a consistent 90+% occupancy. 

Finally, if you go to a local bank it probably will not help you get better terms, in fact it might even work against you due to stigma typically attached to an affordable project.In terms of starting out, you need pro-active property management, think the time and care you spend on your typical property multiplied by about 250%.

I have ample equity in my primary residence, but cannot find a way to borrow against it without being able to show lenders proof of consistent monthly cash flow. 

I have been consistently impressed by the low property prices some USA investors are finding and find it intriguing.