Some great advice there ^^^^^^ @Justin Jefferson@Drew Sygit wrote you a book that answers your original question.I hope you both appreciate it, and take it!

@Michael Baum @Drew Sygit I think you raise great legal questions.

Quote from @Drew Sygit: @Aaron Raffaelli we call all the cities that touch Detroit, the Ring Cities - except the Grosse Pts.These cities are mostly Class B and are solid rentals.Detroit overall has gentrified to Class C, but at least a third of the city is Class D still.Check out the interactive map on our website and watch for whats coming... 

Quote from @Drew Sygit: The Real Estate Crash of 2008-2010 caused real estate prices to crash across the country - but didn't affect rent amounts.

@Drew Sygit Yeah I am seeing that in my calculations, thanks for all the advice!

@Drew Sygit my strategy for now is to spend the next 6 months or so learning everything I can about real estate markets, properties, underwriting, financing, landlords, property management, construction, legal, insurance, and anything else that comes across my radar, all the while trying to make connections and build relationships within each of these areas to build a network and gain the confidence to sell lenders and investors on the very best deals I can come up with.

@Drew Sygit I'm rereading Getting Things Done by David Allen.

Quote from @Drew Sygit: @Richard Schubert are you having these professionally inspected before you buy them?

Then, I had drew my pistol.

Quote from @Drew Sygit: @Lauren Cartmell 95%+ of agents only know how to do owner-occupied transcations:(So, be careful.Adding to the advice already shared, an experienced investor agent will know that there will be no showings without an accepted offer - to avoid pissing off your tenants with constant showings.