If you are not from Detroit or have not been to Detroit and examined the areas you are looking to buy, i suggest you visit before buying anything.

If you examine your agreement and title policy, there's likely a clause that addresses how 'claims by others' is handled.

@Illan K.Without more data, folks will not be able to assist you in analysing the performance of the business to see if it makes sense.When it comes to the building, budget to have an inspector and, if needed, an engineer thoroughly examine the property during your diligence.  

You should be able to find most of this info on your MLS/tax records, but you will probably also have to examine the documents included with the sales of MF's which sometimes include all the income/expense info. 

When your cash flow for a year is wiped away because of tenant damage it will cause you to have to re-examine your model so that you can try to steer away from making those types of mistakes in the future. 

The one thing is if their filters are not cleaned when they should be the cost to clean when disassembly is needed is high so make sure they are examined annually.  

Just know that we were happy as hell about the 61k, but I'm still upset that nerves cost me a chance at a whole lot more.This is gonna be a little long.First of all, the show was "Who Wants to be a Millionaire, back when Meredith Viera was host. 

@John ThomasIf you want to develop your rental property and reach financial freedom with real estate investments then begin early following these basic steps: research, network with professionals, look for a local market, put together a team of experts in this field, assess your financial situation, specify the criteria for investments, adopt baby steps, get to know all the details about the area where you want to invest money, then invest them or take part in any riveting event after thoroughly examining it.Put together a group of pros—people like farm operators, land agents, building firms' representatives, lawyers who handle real estate law issues or litigators dealing with real estate disputes, loan officers.

On the first house, if it was all the way down to studs then you can do a lot of inspection & examination. 

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.