Also, for low value properties, most lenders wont take the risk. 

I work with these two:Metro Detroit Property Management - Mark HutterNHL Property management - Howard GenserThere are a tonne of companies and each one has had good and bad experiences, so no one in particular stands out.One part of the equation is that the Detroit market itself is a tough place and is not for the novice investors.Only seasoned and large volume Investors make it successful in Detroit.

It was high rent, low entry point area but within 6 months I dealt with an eviction and electrical issues.

Additionally, since my parents are nearing the retirement age, I'd like to prioritize low-debt, high-cashflow deals.

For example you are putting in low grade laminate and all other listings are putting in high grade vinyl.

I know I need to get a credit card and keep my utilization ratio low, but I wouldn't know much about the process of actually receiving a conventional loan from a bank or any type of loan.

Although I find competition for what I call investment grade parks is quite keen.. so returns are more in the MF space.. when you venture out east from the west coast or look at low end parks returns are higher but management is quite intense.. as our dealing with some pretty scruffy tenant base.

A property could be cheap but be located in a low performing market.

Property TypeUnderstand the different types of multifamily properties:High-Rise: 9+ floors with an elevator, often urban.Mid-Rise: Smaller than high-rise, usually with elevators.Garden-Style: Low-rise apartments in suburban or rural settings.Walk-Up: 4–6 stories without elevators.Manufactured Housing Communities: Mobile home parks where land is leased to homeowners.Special-Purpose Housing:Student Housing: Designed for college students.Senior Housing: Dedicated to older adults.Subsidized Housing: Affordable housing supported by rent and income restrictions.3.

On the low end, you had $1365 as the rent assumption.