Buy a 2-4 unit property with an FHA loan (3.5% down), live in one unit, and rent out the others.

I would offer it on a land contract to someone wanting to live there for around 1500 and small down payment or sub2 with a large down payment and monthly that would cover PITI.

From google: “The Fair Housing Act (FHA) does not apply to certain types of rentals, including: Owner-occupied buildings: If the building has four or fewer units and is owned by the person who lives there Single-family homes: If the owner rents or sells the home without using a real estate agent, and they own no more than three homes Religious organizations: If the property is only available to members of the organization's religion Private clubs: If the property is only available to members of the club Senior housing: If the property is designated for people who are at least 55 years old Even if a property is exempt from the FHA, it must still comply with the law's ban on discriminatory statements, notices, or advertising.

You could live in one unit and rent out the others to offset your mortgage, staying within your $4,500/month affordability limit.

AKA are you living at home not paying rent?

I currently live and invest in the area and know my market but many of out of state investors get taken advantage of if there don't play an active role Detroit.

I have land with a house and plan to build a a house for me to live in soon there.

He doesn't have to worry about a rough needing replaced or a tenant causing $20k in damages after one year living in property.  

If you’re looking to invest in properties that need rehabbing I can be of assistance.

Last thing to look at (and right out of the pages of our client's own experiences) might be starting a transition of wealth in the form of using 1031 strategically to purchase property that your heirs live in until you pass and they inherit.