we are Canadians and invest in Detroit.

As long as it can pass an appraisal and not be "Subject to" would be wise but a little TLC is preferred versus major rehab.

out our way these letters are usually far more than letters they can be a bound booklet.. with pictures of the family  the family dog  the family parrott  pics of their kids at the beach etc etc.. long flowing letters. 

It is not fraud as long as you live in the property as long as the occupancy affidavit in the closing docs require.

But the actual impact in the long term we don't know yet, but what it seems so far is that it's not good for older tech or older management in tech field if they are not agile enough.

I'm looking to purchase a single-family home in the $500k-$600k range with a long-term hold strategy.

We are one of the them. 

As a result, it seems the value is really just very long-term and if we sold it in the future, any repairs and taxes would cancel out much of the gains (depending, of course, on the pace of appreciation -- who knows what that'll be?). 

there are companies that do that they run around buying peoples redemption rights mainly in states where the time for redemption is very long and it ties up the ivnestors so to pay 5k or so for the redemption rights saves them months.. very common in Oregon and Washington for example. 

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