If you do it right, it’s arguably the best market to invest.Purchase: $80k-$130kRent: $1100-$1500 (no rent control in MI)1% rule: .9%-1.4% rule dealsCoc ROI: 5-12%Total ROI: 20-40%Cash flow: $50-$250/door (after all expenses and budgeting for maint, capex, vacancy)Appreciation: 3-10%+ (has been double digit for a decade)Location: C+, B-These numbers are based on the “sweet spot” in Metro Detroit.

If the answer to both added questions would be "yes", then you have a potential goldmine here.Combining the seller's concerns, and the reality of a big down payment being a negative to the seller (see Q: 1), you should be able to set the terms, with a lower DP, and controlled interest rate, to have this property CF and,...be able to sell the package to another REI down the road,...as long as you buy this using an LLC (a new one). 

I would also be concerned with land rent going up over time, and having no control over that.  

Many of them struggle to relinquish control and delegate tasks to specialists who are better suited for those specific jobs.

These are areas GPs can control and I guess choosing not to. 

Quote from @Gregory Wilson: This depends on what level of control you can exercise over the W-2 employer.

You lose control of the property.

You will get the greatest returns and have more control. 

You may not occupy your apartment without electric service except during brief interruptions beyond your control.

This method gives you more control and is often a faster way to build wealth.Forcing appreciation allows you to create value rather than waiting and hoping for the market to rise.