We are of the mindset that this is the best play because it takes some risk out of taking the plunge. 

Agree that Detroit is a unique case that has a ton of other factors at play.

Section 8 can be successful and to be successful, multiple is better so you learn and perfect the system for the area, but it can be very hard from afar and very labor intensive on the landlord side.

That does come into play as well.Personally, given your current financials, I'd just leave it as is.

I'm the youngest in the group (by 20+ years) and my inexperience in real estate transactions is combated by my ambition and ability to work with numbers (this is where my job as a credit analyst comes into play).

There are certainly exceptions to this (as in the opposite of neglected assets) but overall if a seller is in a position to play lender, they have business acumen. 

The way I look at it, a parallel might be a renter has a right to play music on a radio inside the unit, but if he turns it up super loud and it bothers others- that should be stopped also.Good Luck!

Also taxes are due by July 1st to avoid penalties.Ofcourse title company is playing the game they are not responsible.

Are any of the renters problem renters, such as drug dealers, or super annoying renters such as someone who plays loud music at full blast all day long - or hangs out Windows screaming at the neighbors - to the annoyance of the other renters you have.

Just play close to the vest, please use common sense, no one loves your $$ more than you, be smart and always pay attention and ask questions tol you are satisfied if something does not make sense!!!