I already have an investment analysis workbook built that tells me everything I need to know to make a purchase decision, NOI, COC, ROI, and if the property will achieve the appropriate coverage ratio to be funded. 

There’s a reason that big hedge funds still buy and hold houses.

I now keep a majority of my NW in TSM index fund which historically is a solid investment and truly passive income.

I use partnerships to help me fund my projects when it is hard to get financing.

During the escrow/title process, you are finalizing loan documents, reviewing title documents (HOA disclosures if applicable, title reports, etc), obtaining homeowner's insurance, and preparing to wire your funds to title. 

We're fortunate to have an above-average income and live well below our means.This summer, we’ll be moving to Detroit (PCSing in August), and we’ve saved about $120,000 to invest in addition to having funds set aside for the home we’ll purchase in Detroit.The reason I’m posting is that I’m struggling to decide how to best allocate the $120k.

If not, is there a master plan in which the municipality has indicated a desire to have your property zoned as you'd like to see it?

By the time you do that 4-5 times you should be able to have a paid off home or excess funds to invest in other assets.

How we funded itThis was a single asset syndication.

Have you considered moving those funds into a self-directed IRA (SDIRA)?