It is first reported based on when it's in service. 

I'm California-based where there aren't any real deals in my area, so I'm exploring Detroit as an alternative real estate investment market - due to the combination of it being a strong market and my having connections in the area. 

I'd underwrite the deal as any other - make sure you are conformable with the quality & tenant base. 

I'm a new real estate investor based in Calgary looking to network

If you're open to looking at some resources here's what I would recommend you start with based on what you've said:1.

I think if we were running the 40 yard dash of cynicism and pessimism we would be neck and neck based on all our posts :)

As a property manager, based on my conversations with our clients, below is a condensed version of what we hear most (in relation to PM in Chicago): "- Passing on the load so that you can be more present and attentive to your family (edit: and other responsibilities) and not be essentially working 24/7, on-call for the needs of tenants and property emergencies... can be worth the management fees.

Often times, there's houses or land worth $500k listed with an opening bid of $30k which is a fantastic deal; however, if you were to win the auction, there may be multiple liens and $100s of thousands of hidden fees that you have to pay at once (based on what I read online).

I'm based in the Boise area so we're a little far apart.

and are you certain that the appraisal is based on AS IS value and not subject to value (ie value after repairs)?