@Saul Clavijo make sure you understand you will be getting into Class C properties at those numbers.Food for though below, DM us to chat more about Detroit:--------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.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.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

They may cost approximately 10% of your rental income per month, but may be worth it when you are residing out of state. 

There are a lot of other issues, but for you as the owner, the main one is usually do you have to have the current tenants out to build (no income) on to the existing property or are you going to do a knockdown new build?

@Eric Chappell Income Statement is nowhere close to a Balance Sheet.

We don't have the Midwest weather, high property tax, old homes, high insurance, high maintenance, or state income tax.

I’ve bought my primary with various Schedule C income and refinanced a primary with lots of schedule c and a number of properties (mostly owned in LLCs but reported on my personal return).

Most here say Section 8 or low income is impossible, but you are talking to someone who has ran it for years.

I do all of my income properties in Chemung County.

Some lenders do have minimum credit scores to access these loan types, but it is the exact same qualifications for income and assets as non renovation loans. 

I love your goal to build up enough cash flow to replace your income!