You guys need to get rid of that student loan debt.

Quote from @Vince Scipione: Standard would be an FHA loan for your situation more than likely.

You could also use a Fannie May Home style renovation loan which a conventional loan and require 5% down vs.

In many countries foreign investors buying rentals can't get loans or loans at all. 

Contractors have difficulty getting loans, and you could be the money guy. 

However, the ex wife name remains on the loan itself.

Here are a few stats which should raise an eyebrow about Detroit $1 billion invested in more than 4,600 units of affordable housing over the past five years Job growth with more than 25,000 more Detroiters employed since 2014 A return to investment grade bond status for the first time since 2009Reductions in crime beating national trends, including the fewest homicides in 57 years Successfully hosting the largest ever NFL Draft at 775,000 people over three days In terms of starting out in Real Estate it also makes sense to invest in Detroit considering that the entry costs are low and if you plan to buy and hold, Section 8 makes for a great partner to insure steady rent payments.

Property taxes and insurance costs are best obtained through local county websites or reaching out to insurers directly for quotes specific to the area.Tools like BP Pro and Reventure can be helpful for an overview, but it’s a good idea to validate their data against primary sources to ensure accuracy.

Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

Do you use traditional financing or do you us DSCR loans?