Download BP’s newest book here some good due diligence in Chapter 10.

Lowballing the rehab costsOverselling the ARV, using bad comps.Not doing their due diligence. 

Do your due diligence. weigh the concept and benefits to you and enter into an LLC (an alternative to a partnership).

I agree with @Michael Noto  - you did your due diligence so it's not your problem.

However, the owner requires that the units can be viewed only during due diligence period only.

If you want to invest in Detroit, surrounding areas or Michigan at large, consider your due diligence as a most necessary aspect of your research.  

Here are some steps to get started.Step 1) Develop your Business Model (Who is your ideal seller, buyer, neighborhoods, etc)Step 2) Build a Team (Leverage their experience, Realtor, Attorney, Contractors, Surveyor, Home Inspector, Environmental Contractor, Architect, Structural Engineer, Stage, Photographer, Title Company, etc)Step 3) Understand your market like the back of your hand (Have a Realtor set you up on HOT SHEETS so you get automatic listings sent to your inbox and you can start getting a pulse on the market)Step 3) Find a Deal (Package the deal and show supporting evidence that it's a good deal, get an appraisal if you have to) Include the following: Company Bio w/ your team members on it, Property Details, Property Tax Card, Scope of Work, Pictures/Video, Comparables, Financial Analysis, Due Diligence Items, and Contact Information.Step 4) Find Private Lender Prospects- Sphere of influence, networking events, ask for referrals, ask CPA, ask attorney, etc.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.

An approved short sale may or may not be a good deal and many times their could be multiple bids (due diligence}

Plus, you'll have the added benefit of knowing how to better manage money and be diligent to sticking to a budget and financial goals.Now, if you are dead set on starting a business right away you do have some options.