Things like preferred returns, equity splits, management fees, and exit timelines vary widely, and they can make a huge difference in your risk and return.Third, assess your own goals and capital availability.

Drive by at night and make a realistic assessment of the tenant and buyer pool that would want to live there. 

I'd love to talk to a local in the area who can help me assess neighborhood saftety, market potential over the next several years, and what I can reallistically expect for an ROI over the medium term (and, whether it would be a decent place to live in the interim!). 

@Kameron Patterson I'll leave this up so you can assess interest.

So far thinking things like:- replacing air filters- testing and replacing batteries in smoke detectors and carbon monoxide alarms- carpet and floor cleaning and/or replacement - assessing for leaks and all working sinks, showers, toilets- wall repairs and painting - appliances are in working order- deep clean- change locks and battery -replace all lightbulbs inside and out- minor repairs- landscaping Anything I am missing?

I've read there's a structure that looks like:* HOA levies a special assessment, with a time limit (15-30 days) for a payoff.* Those that pay it off within the time limit are off the hook.* HOA gets a loan for the remainder, and only the non-paying units increase their HOA dues, or get hit with credit checks/collateral demands, or whatever else the loaning bank wants.* Special assessment has legal provisions that protect the paying units in all scenarios (e.g. in case of a default, the bank is only allowed to go after the personal property of the non-paying units).

I typically focus on three main areas: checking the borrower’s payment history, assessing the collateral’s current market value, and running the numbers to make sure the note offers a solid return after all costs.

The investor buyer is purchasing the property from the Detroit Land Bank Authority (DLBA).As part of the closing, DLBA is requiring that the lender execute the attached Subordination Agreement.I don't love everything I'm reading, but I'm curious to see if others have gone through this.How did you assess the risk to the lender in this situation?

I usually check the county assessor’s site for the latest assessed value and mill rate, then multiply those.

Not enough data to do anything but blindly guess:(What were the previous special assessments for?