Happy to trade deal analysis templates and investor proposal frameworks@Patrick Lismon I don't need to necessarily trade any templates but I do work in those markets.

@Trevor Ware not aware that City of Detroit has actually passed a STR ordinances.Here is a link for PROPOSED requirements only:https://detroitmi.gov/sites/detroitmi.localhost/files/2024-0...We do recommend you comply with the city's Certificate of Compliance requirements - which recently dropped the lead-based paint inspection requirement.Regarding property taxes, while Detroit's millage rate is high for rentals (86 mills), the Assessor's Office is usually under assessing many property values:)Feel free to DM us if you need more assistance.

The downside is also clear - more risk, less structure, and less formal training.I’m considering proposing a blended performance bonus instead of just the flat $10K.

One is the scenario I propose a good idea both financially and tax wise if anyone knows.

If the property rents comfortably cover the proposed payment (usually a 1.0–1.25 coverage ratio), you can qualify for a cash-out refinance even when personal income looks low. 

Earnest money for proposed purchase

I will start documenting the thoughts and proposal.

At the moment my ultimate goal is to lower the payment so when I convert this property to a rental eventually it is in a better spot to cash flow.Current Loan - 30 yr loan on a condo starting July 2023 Remaining balance - 365kRate - 7.25% Payment - 2625 Proposed Refi - 30 yr loan starting December 2025 (90% LTV)New Loan Amount (escrowed) - 376.4kClosing costs - 4584Rate - 6.35% Payment - 2348 Savings 277/m

Taxes suck, but they’re stable.Once you buy, that taxable value’s “capped” for future years except for inflationary increases (thanks to Michigan’s Proposal A).

Great feedback/insight Stuart.Yes, the total I'm proposing to protect is $730k in rentals and $515k in PN/Mortg.