the only thing that might need to be replaced is the roof (5 to 7 yrs left -barring hail storms).

I need to live in detroit and the minimum time we will spending here is 2 yrs, but it could be as much as 8yrs, depending on where I go for training after med school.

I was thinking of moving into a livable house that needed updating and minor repairs, living there for 2 yrs then renting it out.

****someone please read the last part of my post, i really need advice on what to do.well, i took the plunge a few weeks ago and purchased a 2BR/2BA condo through an estate sale. it was in really poor condition and so i planned on rehabbing and renting 1BR out for a bit, then maybe eventually move out after 2-3 yrs and look for a second property to invest in. sounds like a decent plan right?

Could it be that when you flip it is for quick profit and you would do a 1031 vs rehabbing which you would live in it and hold on to a home at lease 2 yrs for capital gains?

I have 9 more yrs before I retire from the military and then hope to do this full time.

I remember my first purchase was at 21 yrs old.

I am a seasoned mortgage pro (12 yrs) and investor/RE Hunter(8yrs).

Let's say the land is worth $ 4,000,000 so LTV on note is 50%.The note is a 5 YR Balloon, I/O due in 5 YRS the amount is for $ 2,000,000 with the note rate at 9% interest only for 5 years.Interest payments collected monthy would be $ 15,000 with $ 900,000 collected over 60 months and $ 2,000,000 due at month 60.What could I expect if I wanted to sell this note?

According to the assessors office, the owner listed is the same as purchased it 3 yrs ago.