A really helpful tool to choose your optimal amount of leverage is a sensitivity analysis, which will weigh how much leverage you use (0%, 10%... 90%) relative to adjusting 1 other item at a time, such as appreciation or rent growth rate etc...  

Cleanings are a sensitive topic of STRs.

Michigan has a unique property tax structure that you should know to avoid bad assumptions.Overall, if you're buying this and willing to believe a wholesaler's claims about ARV and such, then you probably shouldn't be investing out-of-state because you're setting yourself up to be screwed.Either:1) Cut your teeth investing in your backyard2) Start building your OOS team BEFORE you buy anything3) Buy in the Ring Cities of Metro Detroit, which have less risk than the City of Detroit.You might want to follow our blog here on BP as we write extensively about the Metro Detroit market.https://www.biggerpockets.com/member-blogs/3094-royal-rose-properties

But about as rare as hen's teeth.

and you have little built in equity, leaving you very sensitive to market risk.  

Or are we better off gritting our teeth and staying where we are while saving/investing to build some reserves first? 

Be careful of incurring liabilities in a sensitive transaction.

Timing being of the essence or not, you still have to be sensitive and make sure that you're not coming in looking like an opportunistic vulture.

Keep in mind the answers to your questions are highly subjective and market-sensitive (Metro Atlanta, for me).

I help one of the elderly tenants with the install every year because he is very patient and it is not very time sensitive for him.