Knowing that Detroit is still volatile, would you consider it to be a strong potential commercial market?

If you're really looking to just place the capital and have nothing to do with the decisions or operations, you're really describing more of a RE hedge fund or other professionally run fund that targets a certain geography and strategy.I know of one local to me - minimums are in the low $100k's range with minimum 1y commit and bonus payouts for larger amounts and longer commits.

If the rental properties are holding value and have a strong appraisal value you may be able to get a cash out refi with a private lender.  

I would strongly agree with this strategy.  

Just make sure you do your due diligence and work with an operator that has been around a while with a good track record and has a strong management team and good construction work.  

I have strong credit (760) though my wife has a limited credit history as she is now immigrating to the country.  

I strongly believe on prospecting for business on the phone. 

Welcome to the vibrant BP community, where you will find like minded individuals committed to REI and also helping others succeed.Since you didn't mention a REI area of interest, I added links below to the most popular niches, from which you can select one or all.http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/ (house rental guide)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)Your time on this social media site will be well spent.You have taken the 1st step by announcing your readiness and commitment to embark on a REI career.Whether you pursue, wholesale, rehab & fIip or buy and hold it's up to you to decide.The bottom line is that you must take action to start.

I pay 4.75% on construction loans from my bank, who currently allows me 4 specs, I have another bank in my back pocket who is committed to 3 specs at 5.75%, it took me months to find the right banks, but all I can say is start with the little community banks.

I would strongly recommend it before you do anything.