Now, it's slowly to become a common occurrence.I'm trying to get an idea of which route I should possibly take.I was thinking about starting a we buy houses website for here,  OR buy a piece of land (which is quite expensive now) and slowly build apartments on it (many places only zone for 3+1 so 3 apartments plus penthouse)Just looking for some advice or even your own personal suggestions on how you would go about something like this and getting your feet wet.

The only space that would be practical would be on the 1st floor, which is all common space. 

And “Do I think this is possible” to make that kind of profit out there in Detroit? 

Since we both spoke on the phone the other day, I can't imagine someone hanging up with your kind voice and sincerity. 

I say almost never because I'm sure there are scenarios that it works out but I'm just not experienced enough to try and bank on those kind of deals.

@Ondrej Marimar we USED to manage a lot of this kind of product for investors like you.

If the mortgage foreclosure Just happened, there may be a redemption period (which you could be in a position to have the title company negotiate for you); since the bank sold to a developer, the title company would need to contact them.Another piece of the puzzle is the deed; who signed the deed to you, when, and what kind of deed?

Which is kind of true, kind of not.

That is the most common play in these type parks. 

This is rare, so most people will use some reasonable number to account for occasional loss of rent (5%-8-10% is pretty common).