I've looked through recent sales (trailing 12 months) to determine similar cottages with similar lakefront amenities, and although none are as small (most are 1000-1500 sq ft), I determined what I feel is fair market value based on cost/sq ft.

Investment Info:

Condo fix & flip investment.

Purchase price: $237,000

Cash invested: $24,000

Purchased in February 2023 and sold in May 2023

What made you interested in investing in thi...

At first a JV type of relationship would be welcomed.I've been researching the differing "systems" offered and they mostly sound like sales pitches to get subscribers.

I am about four years in with my first batch and they still look great, so I am recommending this product to clients now. 

Is that the standard sales pitch?

The step up basis is they subtract the sale price of $3 million and $1.5 million so proceeds are $1.5 million and they pay capital gains tax on that amount.

I would look into local credit unions as they may offer unique loan products. 

There is no way of knowing what profits, if any, are coming from this activity, only that recorded sales prices have risen,If you dig deeper into the headlines promising 10% appreciation in 2024 and 20% in 2023 you will learn that holding real estate in most Detroit neighborhoods either had no increase in value or lost value from Jan 2022 - Feb 2024.

Most of the flips were 3 bed 2 bath easy flips with quick sales.

For example, right off the bat you are calling this a “loan” yet it appears to be a sale of your ownership - ie no loan involved.