If you close with a conventional loan, it will need to be in your personal name.

I have personally used the BRRRR strategy over 40 tiems my self in Memphis.

Now, if you haven't yet, now is the time for you to go see the situation in person.  

Personally, I'd go with the As-Is scenario.

Figure out which best fits you and your personality and take it from there.  

For funding, explore options like FHA loans, personal savings, or creative financing, and focus on New Jersey markets that align with your goals, such as Newark for rentals or commuter towns for house hacking.

This is so I know if I should keep the person I currently have.

One-person rental units are in the highest demand, and co-living directly appeals to this market.

I'm not a professional Tax person.

I personally would not invest in detroit as historically its not a appreciating market and for cash flow and I invest primarily for appreciation - I go off the location location location mantra.