In the industry this is most commonly known as a "Fix and Flip" Loan.We are correspondents with dozens of lenders who offer this type of loan.Most commonly, the loan will cap out at 75% of the ARV (But Investors do need cash, this is not a 100% financed transaction)75% has to include the purchase price and the rahab amount requested.The terms can vary greatly.The two most important areas that will impact the terms the most is 1.

You may very well be right.

I would think not... but you could possibly set the master as a PMC so that it doesn't actually "own" the other companies but manages the properties for the LLC's. 

But I know the city well and spent 5 years on the ground in the Detroit area.Newer folks need to do a ton of research and/or work with someone that has a ton of experience and is going to be honest with you.Detroit can be extremely block by block.

I also would check to see if this is part of the building covered by the condo insurance policy as well. 

My realtor has suggested selling at auction, all three on the same auction date.She said I can set a minimum price which will not be posted on the auction site.Any thoughts from someone who has gone this route to sell their properties?

It's a duplex, one side he is setting up for STR and duplex needed work, such as new roof, siding, etc.  

Your foresight and planning will serve you well in achieving your financial goals.

Just watched Bigger Pockets podcast/video about picking a market here as well as read through this article about markets with both appreciation and cash flow here.First lesson - keep the end in mind.

As I am in the process of setting up an LLC in one of the 50 states, I will require a new bank account.