You're probably looking at a Class D property which will be very challenging to manage and make money on.The critical question to ask the seller is how much is it going to cost to rehab it so it passes City inspections.Recommend you search BiggerPockets for our Deep Dive series on Metro Detroit Ring Cities and city of Detroit neighborhoods.

It’s not impossible but can be challenging to start out of state.

You will have equity over $ 1 Million.This is why real estate is one of the best investments you don’t have to quit your job, you do not need any special degree, or skills.Now imagine, if were able to purchase 2-10 properties over the next 10 years, what would your financial situation look like.Real estate is the Magic formula that helps you get massive compounding and consistent returns over the long term with the help of debt leverage.9 Be prepared for problems.Investing real estate has several challenges, problems, headaches such as your tenant not paying your rent for few months or trashing your place.

Challenges?

Challenges?

Hi All, I wanted to know from you what challenges are facing that you would like your accountant to solve?

I decided against charging any late fee in the past.She is back in full time employment along with her adult children who are also on the lease and in full time employment but my contact is mostly restricted to her and she is quite unresponsive to my repeat requests that she pay as per lease.

Through my research, it looks like HELOCs on investment properties can be challenging. 

The challenge with fire damaged properties is that there is more than meets the eye.

With that specific loan product, you can get the work completed prior to moving in, and with $40k left on your loan limit you'd probably be able to fix the majority of those issues.I completely get taking on a rehab from the get-go may be a little bit intimidating, but one of my other favorite sayings is "let discomfort be your compass" - the more difficult the challenge is the faster you'll grow.