Money Markets for a more liquid shorter term need.

Until you get to a more substantial net worth, you can do without an umbrella as it is unlikely that anyone would want to sue you since most of your home and 401k are protected against creditors.

Zip codes aren't all that helpful in Detroit.You really need to know the city on a more intimate level as neighborhoods and zip codes can change quickly.My advice: focus on strong blocks in areas that are C Class or better. 

I know it's counter intuitive, but these cheaper markets, C properties with higher cash flow are definitely a more advanced strategy.

Obviously there would be a more in-depth analysis if I were actually buying the property. 

You have no idea who I am or what I do, or how I run any of my businesses.

Is this a good approach or is there a more simple method of calculating an offer??

- this could also be another career shift for me considering I am trying to find a more profitable source of income for my 9-5 job.

On the flip side if an extra $500/month would drastically change your financial situation then go towards a more cash flow market.

Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.2.