I make around $110k+ per year, live off around $75K, have a mortgage ($1900/mo for rent, escrow, tax), around $40K in equity, and no other debt. 

Not tracking.You're going to live in one of the units? 

While none of us will be getting our money back he can live well selling off the remaining assets as long as they don't shut him down.

Pro - I avoid any future repair expense.

Whether you're eyeing long-term rental properties, MTR Market, or are looking to live here yourself- this area is full of potential.

We’re fortunate to have an above-average income and live well below our means.This summer, we’ll be moving to Detroit (PCSing in August), and we’ve saved about $120,000 to invest in addition to having funds set aside for the home we’ll purchase in Detroit.The reason I’m posting is that I’m struggling to decide how to best allocate the $120k.

I live outside of Charlotte in a small town called Denver (of the East).

While you might find a lender offering low down payment options, you'll still need cash reserves for repairs, maintenance, emergency fund (ideally 3-6 months of expenses), etc.

I live in El Paso, TX and would like to invest close to home first before venturing in long-distance.

Private money may be cheaper, but may be more expensive if they are doing something that most hard money lenders wont do.