For rentals, focus on cash flow and metrics like cap rate (target 8%-10%) or cash-on-cash return.

Purchase price: $450,000 Cash invested: $450,000 Centrally located near Shopping, Entertainment, Transportation and much more.

My preferred market buyers being investors and cash-buyers.

Can you pull the cash off the business credit card?

There is almost no scenario where a condo would ever positive cash flow while servicing debt, and very little positive cash flow with no debt.If your budget only allows for a condo, find a better place to put your money to work.   

You don't want to cash-out refi and then be sitting on cash costing you 7% while you search for a deal.

Purchase price: $305,000 Cash invested: $80,000Single Family home in a 55+ community. 2 Bed 2 Bath, attached 2 Car Garage.

Where you pick will depend on your goals for cash flow and your budget to buy.

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. 

I am a local agent here in Sacramento & I am a house hacker myself with 2 properties here that now cash flow.