Inventory is very tight with approximately 1/2 the number of residential properties (including multi units) for sale today as there was 1 year ago, which at that time, was a record low level.

You said that you had found two groups to network with and I assume that includes the fabulous Durham REI group by Quentin D'Souza. 

Other important factors that can vary by town included type of unit - condo, 1-family, 2-family, etc.

The IRS also will typically negotiate for pennies on the dollar if you don't want to wait the 10 years.IRS liens and state treasury liens are the only liens (including mortgages) that I know of that are not extinguished when a tax deed is issued.I have cancelled getting a tax deed in the past after finding out there was an IRS lien against the property.

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.