Don't expect these people to have anything to do with you once the transaction is over and a lot of bitter, nasty fights along the way. 

I see people doing this wrong in Michigan constantly.

Assuming I come to an agreement with the seller and the numbers make sense, what would be my next steps?

If you ask for a CMA from a local PM, you will be able to make sure the numbers make sense before you buy!

I really hate the city because of taxes and water bills but the charming neighborhoods with a strong sense of community seem to be Lauraville, Beverly, Hamilton and Franklintown.

When you start to get into larger properties, it can begin to make sense. 

Either way, there are several people who make this work all the time.

@Jason Sung, common sense says that yes it is true.

To me, it seems given the right area it could make sense.

I have known and worked with Matt for years.I have attended his training and hired him as a consultant.He is hands down the best at what he does.I have personally raised over $50 million for my hard money lending company.I am grateful for a lot of people who helping me with this success and Matt is at or near the top of that list.