That's going to continue to be an issue unless Michigan stops tying property taxes to school funding.

Im going assume since you put funds into the unit that its "move in ready"?

Lacking much in funds, my summer has been spent reading and learning as much as I can.

If you don’t leverage you might as well invest in a passive index fund.

Nicole - the HELOC is a good option for the  down payment source …..if you dopnt already have the heloc in place ..get it in place  for as large of aan amount as possible  …….once you locate a property to purchase - you can then  determine if the HELOC  is something you want to use for all or part of the funds needed

@David Tamayo banks require significant due diligence to fund a commercial loan. 

Considering all funds are going to senior holder, it seems logical that the two banks would negotiate in order to complete approval process.Is that how things go?

Ill try to insert a link for analysis if anyone is interested in seeing it, very basic.What I am concerned about regarding finance is it tying up all my funds if I cant refinance to get the equity out within a few years.

The house we wanna buy is close in price, so if we do sell and pay the capital gains we won't have enough funds to buy the new house and also pay off some personal loans and other things.1031 exchange is out of the question, since we never rented the house and we are not willing to....What do you guys suggest we do in this case?

We can accept funds right up to the actual eviction and the Sherriff will still evict, because we won the right to evict because the tenant violated their lease, not because they owe us money.