Serious Help In Detroit
Story...Lady has a non-profit org and has a house for sale(she has another but this is only one she holds clear title). Detroit has a program that GIVES away tax-reverted houses to non profit orgs in an attempt to be rid of properties, eliminate blight, and make neighborhoods better. She will sell to me for 10k under any terms I want (L/C). Wants to have a successful sale and rehab to prove herself.
House is a large upstairs/downstairs brick duplex. Interior walls are in tact. Seperate basements. Hardwood floors are in tact. Needs major cleaning, scrape, and paint. No windows, no doors. Roof appears pretty good, maybe needs reshingle. Porch brick collumns are perfectly straight. May need electrical/plumbing/heating (didn't really inspect well). One 2bd one 3bd. A few large holes through outside walls and practically all of the bricks on the 2 sides have been STOLEN! (This was new to me, but I am a rookie) All stolen after she gained title!
Whole street is filled with Large duplexes. 2bd unit directly accross street is renting for $500 inc. water. Imagine 3 bd would go for $600. Duplex down block selling/asking $65k. All info gathered yesterday and today while maintaining full time job.
Told lady today that I did not have resources to handle project of this size. She wants very badly to make this work and asked me to reconsider. She is even willing to let me use her non-prof org to obtain rehab loan through program set up to finance (up to 50k) orgs participating in the program she obtained this house through. (make sense?) Is there any way that this deal could be profitable for me? Please give me and real sound advise. 
Can you bird dog it to another investor for a fee?
The fist thing that I would be concerned about is whether or not thsi woman is allowed to sell you the home. Often municipalities that give away homes don't do so for the receiver to just be able to sell and pocket the money. That doesn't necessarily solve the problem.
Often there are limitations such as:
You must put $50k of renovations into the property and hold it for 5 years.
Or you must renovate property within 12 months or the city takes it back.
Check into the limitations that were placed on the gifting of this property before going further with it. You may put a lot of time into something you can't do anything with.
If you are able to buy the home, consider wholesaling it to a landlord. For the cash flow a landlord may be willing to take it on.
[addsig]
It is my understanding that she can do anything she wants with the property now that she has title. But, if the improvements are not made on the property, she will not be given the opportunity to get any more.