Sometimes they forget to tell you that many tenants in Detroit don't pay (depending on the property manager skill and the type of tenant) - but taxes are very high in the city and so is insurance. 

People in 1981/1982 were angry they were paying 18% interest.

It looks good) I stumbled across someone locally who does it, but I'm sure you could find someone there if you or other out-of-town investors like the idea of paying a bit more for that level of security and obtain a remote monitoring source of the exterior of the properties.

SFR houses will only appraise based on comps.So unless someone was paying cash you can't get more than they appraise for.The camp ground is a different story.

You have to disclose all of this when you sell, so you will end up paying your plumber or discounting to your buyer.

How much less will a potential buyer pay for the house, now that one "bedroom" does not have a closet?

My initial thought is that the developers may have gotten a much better deal than they would have otherwise given the clear limitations on the land's use.

both have 5yr pre pay penalty. 

The property owner's tax professional can help them with that and ensure they don't pay taxes twice on the same income.Disclaimer: My advice/opinion in this post is just that, my opinion.

If you truly are limited on time or can't make investing a priority, you should look for smaller projects as others have recommended.1) General Contractors are available to run your project, but most are too expensive to make ROI work on smaller projects. 2) A great PMC can act as a Project Coordinator for rehabs, but many won't be transparent about the costs, so you know what you are paying for.