I fired back an email with what may have been too many questions.Since I do not have much insight to Detroit and no connections there, I went ahead to offer this to someone whom I know is buying and selling properties in the area.

If you have the means to pay back a HELOC in full if it's called at a moments notice (you can cash out investments if need be), you're in fine shape.I get worried for some of these investors that max a $100,000 HELOC on their primary and use it for long-term investments that are not liquid at all.

Force yourself to still save the money that you would have paid for rent and hopefully you'll be coming out well ahead.

Just noticed you are my neighbor, we did one deal in alliance last year, a couple in Louisville.If you need some help with Comps on a couple houses to get you started, I can run some for you give you another perspective.

We fill out the condition report as we think it to be, go room by room, and hand note anything they notice, have them sign it and initial each page.

With this being said, the system you build for yourself allows anything that deviates from your criteria to be quickly noticed and dismissed.

Rich said he noticed it when he got 6 emails selling the same property for 6 different prices!

How much time from first deal to 2-weeks notice:5.

I did notice few houses being teared down and building new ones with decent profit margin when I talked to one of the builders. best of luck.

Verbally remind tenant that any future delinquent payments will not be shown leniency.In california, we have a thing called a Notice of Nonresponsibility, where if a tenant orders upgrades and doesn't pay for them, filing a notice of nonresponsibility would protect the landlord against MECHANICS LIENS.