. - This will allow low down payment and the 203(k) allows repairs to be financed into the purchase mortgage.- The 203(k) will allow you to bid on properties that need repairs that won't qualify for a traditional mortgage => less competition => better purchase price.You will need to find a great local contractor you can trust to supply the required bids to qualify for the 203(k).- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

What do you think about investing in Detroit, such as buying a house, repairing it and renting it out?

You can get 90% of the future equity, but you do have to have a GC do all of the work for you so you cannot DIY for future repairs. 

Additionally, have a clear budget, factoring in potential repair costs, and ensure you understand the rules about earnest money deposits and closing deadlines.LLC for Real Estate Investing: Forming an LLC for rental properties can offer liability protection and may provide tax advantages, though the tax benefits are non-existence for rentals.

A good ol fashion phone call or house visit would probably solve your problem. 

Karl's Mortgage Calculator - This is a downloadable app for your phone. 

I’m going to PM my brothers phone number in Italy.

Class C and D areas/properties will always cash flow better on paper, but on paper things like extra repairs, turnover, evictions and such are often not taken into account. 

Set aside reserves for unexpected repairs or vacancies.

I certainly have my bias and would love to sit down with you if you are in the Austin area or possibly a phone call.