If you can get him to spill his guts, he may realize he's asking too much.If all that fails, make him an offer you are embarrassed to make, to get him to counter.If no counter from seller, wait 4 weeks and followup for a counter.

The multiple streams of income concept works best by getting 1 stream mastered then moving on to others. 

What this does not take into account is tax on earnings (I'm not sure how this is taxed), keeping the full amount invested at 13% for 20 years with a steady stream of investors to lend to, inflation & I'm sure there are a bunch of other things..Building up a rental portfolio will require more work initially, is much more uncertain as to outcomes but will potentially provide larger returns & I'm sure be more interesting.I realize this is a very broad conversation however I would like to here others thoughts on what they like or dislike about either option.

Don't start out in the business swimming up stream.  

Do you have other income streams?  

We always look for ability to repay, so if you are looking to just hold a property and not rent it, you would need to show your income from other streams to show ability to repay.

My objective is to create additional revenue streams by investing in rental properties. 

Unfortunately, it takes massive scale in order to produce enough revenue from those two income streams for a property management company to grow.  

I have heard many stories on BP and other forums about landlords who have had their NNN buildings sit empty for months and years, so while perhaps you personally don't have that issue in your area, please don't lead this poster to believe that it is impossible.The first part of my statement acknowledged that yes, if you buy right, it can be a wise investment too.Now perhaps if he chooses to work with you, as you offered early on in this stream, you can steer him to a great deal - he'd probably be wise to do that since you have gobs of experience.

Rents can be tough to collect, but like most urban locations, the difficulty in collecting correlates with lower costs of acquisition.Property management is tough in Detroit b/c crime/corruption tends to spill over to fleece out of state investors as well.