Or do I need a more officially worded Notice to Vacate?

This is a more risky asset for many lenders and this being your first biz?

On Interest rates: Ironically, high interest rates may actually be helpful to help us return to a more normal real estate market.

Due to the current market conditions pricing the home in the mid 300's we will soon be selling it to the current tenant to increase our portfolio diversification to a more profitable area.

You can definitely do higher end flips in Detroit but I wouldn't recommend starting there.Buying something for $50k-$60k (off-market), putting $20k-$30k into it and then selling for $100k-$110k is a more realistic expectation.

Now as I analyze investments I’m taking the standard rule of thought that $200-300 per door in cash flow is good and looking at a more full picture.

That would give you an idea, but an agent will be a more precise ARV with real comps and also can recommend you the areas.Metroplex is big so also check that the realtor is experienced in the market area that you are looking for.

For a more liquid, shorter-term debt investment there's Concreit, which pays 6.5%. 

I looked at various other models with numerous other companies, none of them had a more secure, risk free business model.

If the ROI seems low or if the renovation costs are prohibitive, selling might be a more practical option.Cash Flow Analysis: Currently, your property isn't cash-flowing positively when considering your mortgage, management fees, taxes, and other expenses versus your rental income.