My husband and his partners sold their company, and he is transitioning out of full time employment there in the next couple of months.  

But, they will be in challenging parts of town where realistically you do not want to own property and your long-run returns will under-perform.I'd encourage you to find a balance of sub-market growth, nearby employment, strong income, and only then a good rent-to-value ratio. 

Given that I am self employed, a few personal loan options, did preliminary asking about my situation, and they got lost in the weeds with how my real estate income looks so dismal on tax returns.

Here are a few stats which should raise an eyebrow about Detroit $1 billion invested in more than 4,600 units of affordable housing over the past five years Job growth with more than 25,000 more Detroiters employed since 2014 A return to investment grade bond status for the first time since 2009Reductions in crime beating national trends, including the fewest homicides in 57 years Successfully hosting the largest ever NFL Draft at 775,000 people over three days In terms of starting out in Real Estate it also makes sense to invest in Detroit considering that the entry costs are low and if you plan to buy and hold, Section 8 makes for a great partner to insure steady rent payments.

I would try to maximize revenue through things like additional marketing/platforms for example adding VRBO in addition to Airbnb etc, as well as employing pricing software.

Alternatively, once you have a full time job (or an employment contract), you should be able to qualify for a loan and utilize a Down Payment Assistance program.

Tax-wise, profits are taxed at your ordinary income rate, and frequent flips may subject you to self-employment tax if classified as a dealer by the IRS.

Our manager looks at employment, rental history.

Additionally, you may wish to speak with a CPA as to whether or not becoming an S Corp is the right decision – they can assist with reducing self-employment taxes.

Thus, I have worked 2 jobs (1  is self employment) for 7 years to fund purchasing a few single family homes locally. 20k is not enough to purchase IMO, that should be your savings AFTER your purchase.