Detroit has more to offer though:)Overall, your approach should be strategic and you should be targeting a specific Property Class (A, B, C, D).If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

That kind of thing would only apply to capital elements of the house. 

If you really want to go down that path, I suggest that you apply to work for a syndicator or RE Private Equity shop as an analyst or operator for a year or two, and browse through 100+ deals over that time period, underwriting each one, and trying to figure out, over that time, which ones you were "right" about, and which ones you were "wrong" about, as best you can.

How many permits do I need to apply for a commercial project, and how many plans will I need from the engineer? 

A mistake Investors often make is thinking that the HUD FMR applies to every property of that bedroom size. 

And there are some surprisingly affordable places there.Maybe my thinking was that I could constrain my research and 'education' to that specific geography and then apply what I learn to other areas I might consider.

Therefore my only way is to apply to the municipality for an update, I want to explore this option but I have no idea where to start..?

Or am I misunderstanding the meaning of what an exception is, or how this exception is applied?!?

It changes with the market.It is important to understand what a rule of thumb is and apply it to the market you want to invest in.

We applied for a traditional cash out/refinance on the investment property but were denied because she's only been employed at one job for 1 year and 2 months (they wanted 2 years).