There’s also an old mine on the property, which we initially thought was incredibly cool (still do… we just don’t exactly know what to do with it).Our original vision was pretty ambitious (and maybe a little romantic):We imagined building out a glamping-style experience with unique overnight stays, stargazing, and even some kind of “night golf” concept integrated into the terrain.

One last thing to consider is the initial cost in the area is about $216 per sq ft and 7,400 sq ft total about 1.6 Million. 

You’re not betting everything on one renter or one market rent assumption.It’s also forced me to think more like an operator than an appraiser.

You bet, Jason.

A pain for those trying to travel but I bet awesome for those sitting tight enjoying the fireplace and beautiful scenery. 

I have a first-position hard money lender in place (purchase + rehab financing), and everything on that side is moving forward.Where I’m stuck is the remaining gap capital needed for the down payment, closing costs, and initial carry.Here’s what happened (lesson learned the hard way):Earlier in the process, I planned to do this deal with a few friends who verbally agreed to invest alongside me.

I always saw Detroit as a (dangerous) bet, but sometimes "le pegas el palo al gato" and sometimes you don´t.

I bet a bunch of people would have a hard time proving their hours.

Best bet would be an equity partner

Your best bet is to set expectations with them and follow up with them when they do not meet those expectations.