The allowed rent amount should be pegged to market rent, so it would only be way off if your unit is a way different quality or neighborhood compared to average. 

Maybe better to buy for rental in non-HOA neighborhood.

You can get a block shot of the neighborhood as well which shows you what the other houses are worth.No, you aren't an appraiser.

Save up some money, buy your first few properties organically and once there's experience and the start of a balance sheet go out and raise money from friends and family if you are still interested in the business. 

I want to say its like a C neighborhood (not sure if there's an actual site that'll tell you more accurately).He already has a team in place and I'm pretty much just taking over his property and its pretty stable.

If you renovate for a flip and then decide to BRRRR you will likely get less than you expect because the finishes will be too nice for a rental (depending on the neighborhood, it could work where you are in that price point).

Anyone with a pulse can buy a section 8 property in a lower tier neighborhood and there’s always abundant inventory.

In my ideal scenario, I would do some more entry level projects to start off while I learn the ins and outs, but my goal would be to eventually work on more luxury flips - larger scaled projects in more desirable neighborhoods (though fewer and farther between).  

@Shibashis Dutta Detroit has 183 Neighborhoods - some you want to invest in, some you don't.We've got them all on our website and have info on ranking them.What else are you looking for?

Before you spend your money here, check out The Ultimate Guide to Grading Cleveland Neighborhoods for a lay of the land.