All lenders tell them the same thing, that they need to have a reliable source of income to prove they can repay the balance of the mortgage if things go sour.

A 75/25 split... if profits are 40,000 you get 30,000 your partner gets 10,000.Compare to 20% of 40,000 = 8,000, leaving a balance of 32,000 to split 50/50 or 16,000 for your partner and 16,000+8,000=24,000.. which would you rather have. 24 or 30?

Just from the results, after applying the rule, looks like option A is better, but I don't think you can compare a property that rents for $500 with one that rents for $1500.

The economy here has done very well compared to most other places 5% unemployment rate and while yes the job people want may be hard to get most people still have jobs.

Is there any way to compare prices of homes with and without it in your area?

I have no experience with the software but here are a few forum posts comparing and reviewing it:http://www.biggerpockets.com/forums/79/topics/44375-freedom-soft-anyone-plan-on-purchasing-it-http://www.biggerpockets.com/forums/79/topics/91576-would-like-opinions-on-freedomsoft-program-offeringhttp://www.biggerpockets.com/forums/79/topics/67210-realeflow-open-road-3x-versus-freedomsoft-vs-sims-20http://www.biggerpockets.com/forums/79/topics/83761-my-review-of-investorpro-vs-realeflow-vs-freedomsoft

Be willing to put yourself out there, accept rejection, network, network, network, work your butt off, be reliable and trustworthy, know your market better than any other agent, network, network, network, etc.I would suggest being upfront with your family about the time commitment this will require and make sure they're on board.

I wouldn't go there without a reliable and experienced local partner who knows the area inside and out.

Jon, thank you for your suggestion.I did check the rentometer, I think websites like zillow and rentometer are getting smarter day after day, however, they still don't have the capability of picking the comparables based on the same school district, which makes their estimate totally off.I don't know if it's a good idea or not...

One unique thing about Detroit compared to other large municipalities is that Michigan's municipal funding system is completely whacked.