Unless that's not what you negotiated, but that is what you described.  

But it's often described a high-crime area where you wouldn't feel safe going (at night OR day time). 

I think a lot of people do the same things described.  

The terms you are proposing seem typical for what you describe.

1 - Western Detroit suburbs2 - The cash flow from the markets of choice within that area, are low cost, high rents, and thus very high cash flow.3 - Whatever words you would you use to describe something, that is better than fantastic!!

Marie Poe thanks for the clarification on terminology, what you're describing is how we intend to go at it (still working on saying everything correctly myself)

If so, how would one structure the deal (maybe use one example scenario to describe this). 

Killing mold - especially when you've had as much as you described here - will not solve the problemHidden MoldsEven if you were to take the shortcut - and take your chances (legally speaking) by spraying something on the walls to kill the obvious molds, you can't spray into the area behind the wallboard.

What you describe is the opposite...

If Ohio is a mortgage state with a long foreclosure process then I can see why the lender wants title... they are not a lender at that point as described above but they are a JV partner.