Hey Max, I have a few S8 tenants in Detroit, but most of my tenants are "cash paying".I'd start by searching the forums here for "section 8" related threads.

But it will be a complete gut job, and in the end, based on the neighborhood it is in, would only sell for about $40-50k max. I

However, I read that Airbnb places a max of 90 days you can rent out your property as a STR and will disable your listing once the max is reached for the year.

You did it to the max! I

Check with the local utilities to see what the max is they allow in that area. 

Again I am still curious as to whether I ask for lower purchase price or get an addendum stating the seller will pay for the plumbing issues and the 2% seller concession which I was told was the max i could get so $3800 to other repairs needed.  

So on your 7th you could only do Fannie and their max is 75%.  

Max is correct, do what works for you, people have different mindsets and ways of looking at their properties.

On 5+ units, 75% max is possible as well. 

Went to a sheriff sale with one property in mind, bidding started at 50 k and I was prepared to bid 75k max - I was fairly sure that no one would bid anywhere close to that amount because it was in a neighborhood I specialize in, and the value to me would be higher than to the average investor.