It's a 3 bed/2.5 bath colonial with a pretty open layout (considering it was built in 1969) which would have to go one of 2 ways -1) HELOC it and do a total rehab then list and sell for top dollar, pay off HELOC and use proceeds to fund this "joint venture"2) Sell as is, which is def going to be 50 cents or less on the dollar compared sold comps in the neighborhood (anywhere from 300K to 500K) and use proceeds to fund this "join venture"---> I'd love to hear pros and cons to both of those points <---From an investor perspective - what is the best way I should approach this?

Second questions is regarding a foundation issue for a ranch style house.

If I bought a house in that neighborhood I would not try for more than$1200 no matter how nice.

I'm fairly open as to the style of REI I pursue.

I know Detroit and its neighborhoods very well as it was my hometown.

I think everyone has a different style on how they do and manage business.

So, I didn't pursue it.I've also watched this process for my neighborhood.

I am working on an article to compare different markets.As far as "becoming familiar with the rental market", I don't know if you mean the health of the rental market, the neighborhoods, or talking to property managers.

He has an empty acre and a half lot in a high end neighborhood. 800k+ He seems extremely motivated.

(This will change in the future)The problem is neighborhoods that i want to live in due to school and work proximity have houses that sell well above this figure.Should l continue to live in my apartment which i pay 460 a month for (share with a roommate) and then look at this venture purely as an investment?