House was remodeled and needs 'maybe' $2k in cosmetic upgrades, investor bought it did the work and ran out of money.

Maybe I'm a bit bias but why would anyone want to invest in a city as corrupt, and broken as Detroit.

We have a rehab starting with a house that is currently a 3/1 c.1400 s.f. and it will be upgraded to 4/2 c.2300 s.f.We're looking for an experienced architect or designer to help us with the drawings.

However if you need to perform upgrades to a shared utility that would be split and deductible.

The house does need a new hot water heater, outdoor A/C unit, stove, refrigerator, carpet and paint, and some cosmetic upgrades = $3500-4000.

That link @Chris Martin posted is broken, would either of you be able to share an example of one with me?

Especially if theres room in the rent market to increase rent by upgrading the units as the tenants leave.

The best way to approach the sellers of any situation is full disclosure with an option to purchase agreement ( standard flex agreement) which detail :1) the option is assignable to end buyer ( for fee).2) if buyer / optionee ( I) is not able to find an end buyer the agreement will be null.3) Seller has the right to cancel or find his own buyer.4) buyer/optionee is not real estate agent and is not representing anyone in this deal.NO LIE , NO ACT AS IF YOU ARE CASH INVESTOR, FULL DISCLOSURE, NO PURCHASE AGREEMENT WITH SELLER ( unless if you solid buyer but again you could assign your option agreement and collect the assignment fee. there is no need to get in signing purchase agreement that you fully aware that you will not close on personally).Assigning your right to purchase your end buyer, and have him sign with the seller the Real estate purchase Agreement, after he sign your Fee assignment agreement and place refundable part /full of FEE.there is no law broken here, you are not acting as realtor , not lying. what you are doing is helping someone who was unable to sell via realtor or himself, someone who will lose everything if the house is lost in auction...., so finding a buyer to cash him out, saving credit is not a bad thing BUT FULL DISCLOSURE-NO PROMISE.....these type of homes are in condition and distressed situation that realtors can not help because they are not financeable, not enough equity to pay their commission, not in move in condition for the retail buyersthank you

Next ask them direct questions as far as how soon are they looking to sell, how flexible they are and are they looking to upgrade after selling.

Even on our shared housing rentals that are being flipped over to passive investors, I almost always include top-of-the-line ceiling fans with remotes, upgraded faucets & shower sets, self-closing toilet lids & upgraded nickel or bronze hardware.