I'm putting together a deal that includes a preferred return and split.

Always inspect every nook and cranny of a purchase, to include tenant payment history, strength of the lease, any lease violations, etc.

Instead, save the cost of doing this work, rely on the 1 furnace in place, pay for the tenants' heat and try to recoup the costs through higher rents (heat included) or try to bill it back to tenants somehow (e.g.

The Zip code of 48221 is next of the list, here is the link https://detroitmi.gov/departments/buildings-safety-engineering-and-environmental-department/rental-property-informationI believe renovating and selling for top dollar would be in your best interest. https://www.clickondetroit.com/news/defenders/detroit-landlord-jailed-for-code-violations-including-apparent-black-mold-raw-sewage-at-home

I know a lot of speculation, but if I have multiple exit strategies including possibly holding the property for much longer up to 5-7 years may be an option.

I'd probably find a structure that includes a step-down prepayment penalty and one that's based on 5 year structure (5,5,4,4,3,3,2,2,1,1) or something similar or better. 

This was primarily done so I could have more control over my own career/earnings, but I retained every aspect of the company (including it's 4 employees) and re-branded with a new name and mission as she was a great appraiser but not much of a businesswoman.I didn't have the liquid assets to buy the business outright, and it was a bit wonky in the math anyway since I was a top producer, my gross earnings couldn't really be factored in to the totals as I would have made that anywhere.

In my state, the eviction includes a judgment showing how much the tenant owes.

I may build a few of those, including my personal home, to use as short-term rentals.

It could be 20% of something big, including a cluster of properties not just a wee duplex.