Timing is key—catch a hot market or a great 1031 exchange opportunity.

There are lots of vetting processes and details that need to be addressed before handing over the keys. too late now. 

While cash flow may be harder to achieve here, these markets often shine in their ability to withstand market downturns and provide solid appreciation over time.The key in markets like this is understanding your goals.

Reserves are key as  @Theresa Harris has pointed out.   

I don’t mind having skin in the game either, but I know using private money is key to scaling one day and would like to get some experience with it now, even if it doesn’t fund a majority of the deal. 

Key is all about finding the solution and never giving up.

And, in my opinion, more importantly, the lurkers who never comment, now believe they have the "golden key" of information.As you already know, there is so much more to this, in order to stay out of trouble over the long term. 

It seems you would be using it as a 20% down payment on a turn key ish property.

Detroit is very block-by-block, so knowing the dynamics in the area you’re targeting is key.2.

The key there is "for the right price."