If you currently have that kind of equity, you might take out a line of credit to buy the next one and avoid needing a partner.

That's one way it makes all kind of sense, right.

In a wholesale transaction the seller is in some kind of financial trouble which the wholesaler is helping to resolve.You have two options an assignment or a double closing:I haven't done an assignment myself so not sure completely of the process, but in a double closing there is already a contract with the seller and the wholesaler who is fixing the liens on the title, when that is resolved there is a closing date where the wholesaler execute the contract with the seller and you execute the contract with the wholesaler.In general the closing cost in these type of transactions are covered by the buyer which it could be around 3.5% and it does not include sales agent fees.There is one thing that I didn't understand, it seems that the hard money lender is in charge of the transaction.

Do you check Landlord references?

Would love to connect and see what kind of number I could get for you on a cashout refinance, that would be the cheapest option.

I don't have that kind of capital yet, so I am looking at ways to obtain a 3.5% down and it seems that FHA is an effective way to do that if I'm willing to live there for a year.

If that fails, then it's the cost of doing business and I would check into Waivo damage insurance right away! 

Check out the Strategic Neighborhood Fund.The city is also currently getting ready for the NFL draft which will bring more eyes on Detroit.

Check out investorlift.com and reach out to the wholesalers in your market. 

Check with local plumbing wholesalers and ask for a price.