Conclusion:Please don't base your opinion of the typical transaction on this unique situation.

While I agree with Collin on location, views and water front, I also think you can stand out by being unique.

I'm particularly passionate about long term investments in Metro Atlanta.Outside of real estate, I enjoy watching sports, running, and spending time with my family!

Keep cash on hand and don't put yourself in a position where if your tenant needs a new roof or AC unit right now that you'll have to put it on a high interest credit card.Second, I realize that everybody's experiences are different and so is everybody's unique skill set. 

Also make sure you have a unique value experience for your guests. 

in the SF peninsula and down to Cupertino there was a builder who built about 30k homes in the 50s and 60s  called Eickler these were modern heat in the floor tons of glass interior walk ways with gardens in them etc etc.. very unique ..

While this is not unique to foreclosures, and should be done for EVERY deal, I highly recommend you get full title insurance on a property.  

Outside of the typical challenges for out of state investing, what are some of the pitfalls that may be unique to investing in Detroit?

Hello, Both Connecticut and New Jersey offer their own unique advantages for real estate investment.

All deals have their own unique structure and you should understand the advantage and disadvantage to taking distributions along the way vs. a higher payout of profits at the end.