This was a major issue to work through with my property managers and was a unique lending requirement for corevestAll in all Corevest seems to talk a good game, but when you get in the weeds they end up under-delivering on what they can provide (not unusual when working with lenders), and the controls they put in place to protect themselves during the loan or unusual and much more costly then market norms.  

Is there anything special or unique about your market? 

Add in the unique challenges of the Detroit market, and you're looking at more than double the work.

I'm deciding the rental amount on a unit that's very unique, meaning I can't compare its rental rate to any others in the area, or elsewhere for that matter.I've done my research on other kind of units in the area and I've made a fair assessment on the rental amount for this one.

@Adam Wigdorski You have quite a unique and amazing story. 

While Indy is a fruitful marketplace, there are some variables here that make for a unique investment strategy.

If you don't mind me asking, with such a unique/defined niche, do you typically have the same investors eager to invest in new deals or would you say it is similar to any other multifamily deals where investors will be interested if the deal and sponsors themselves check out?

When they do pop up, they're gone pretty quickly or have unique issues that slow down the sale (non-occupied buyers only, >$ rehab, title issues, etc). 

Since everyone has their own unique situation, it is important that once you connect, to spend a lot of time listening to their story in order to find ways that you can help.

It took me a year of being afraid and saving while dreaming to truly understand that everyone does this uniquely.