One of my wife's uncles was in charge of one of the properties which is zoned for commercial/residential, it is a 1708 Sqf office space/small warehouse on .36 acre lot.Which with some research it can be split into 2 lots.He let the property go to the dump, needs a new metal roof, and gutted, replace plumbing/bathroom, replace electrical etc...Now my wife’s Aunt is in charge of the estate and she was the one who approached me.She said they will "sell" me the property for $30K (estimates from Real estate agent say property is worth $43-$53K in current condition) Which then I could clean the property up and try to resell with the improvements.Now if I did replace the roof make the inside look nice and clean the overgrown landscaping I was told (real estate agent) it could get about $60K, but there are back taxes and liens on the property as well.Plus closing cost for when I sell it, I have run the numbers and it seems that I would MAYBE make $3000-$9000 conservatively.But I am real concerned over the fact that it is used as an office/commercial, and wouldn't this limit buyers?

Each city outside of Detroit's city limits is different from the next.

Again, appreciation is limited by the affordability...

Rates and points are high compared to traditional but I'm over the limit on traditional mortgages

But his direct knowledge of investments is limited.

Right now if I use banks to finance I am limited to the wonderful 25% down option.

If the agent is simply worried about his/her commission, that's a easy fix buy signing a limited buyer's agreement.  

I would recommend talking to a marketing rep or someone in the company and see if they can do a limited title search for free or something similar (I am in AZ so I am sure it is different where you are) I know down here we charged $65 for a full title search and most people just want to know if there are any liens etc.

I read that in my area, the FHA limit is 271k.

In terms of limiting the number of loans, though, they don't have any.