If you do not have a partnership agreement and the assignment check was made out to you, you will have to 1099 your brother for his portion or you could end up paying the taxes on it.Your assignment fee will be taxed as ordinary income and could be subject to SE tax.It's hard to provide specific advice without knowing your whole financial situation, but I can recommend that you save some of the proceeds in a separate account for taxes.Let me know if I can be of any further assistance.Good luck on your journey and I hope this helps.Ed

Mahalo RustyThere's a lower price point http://www.realtor.com/realestateandhomes-detail/5...but it doesn't seem to have the detail and is half the size.  

I would write down your acceptance criteria for your first investment (cash flow, down payment, building size, etc.).

Or depending on the size of the mortgage, maybe cashing out one owner and retiring the debt with the sale of one unit - may make them willing to sell cheap.If you get one unit cheap, you are in a much stronger position. 

Plenty for a group the size I am expecting.

There is no one size fits all strategy for Detroit or any other market.There are areas prime for redelopment but that depends on your pricepoint. 

Soooo now you have the background of the property and intentions for the lender portion of this deal. 

Then run your comps again of similar size houses and find a true ARV .

Agreed.I think at this point walking on the deal and getting back some portion of the earnest money is probably you best(or least bad) outcome.

It appraised for $6000 more than I had in it so I ended up with a good portion of my costs covered even with 75% LTV.#8 Remodel is complete and the house looks great.