The mortgage would stay under the seller's name.The buyer could then rent out the unit, renovate, etc. to increase cash flow or make more money.But aside from a possible "due on clause" being called by the mortgage company, what's the benefit to the seller?

Plus our population is growing steadily which helps maintain property values and rental demand.

Repairs ($5k): Increase to $10k for unexpected issues in a 4,000+ sq. ft. property.Total reno costs will likely fall between $180k-$210k, not $145k.

However, San Diego is an extreme case.However rents increase fast in San Diego.  

You have higher population with a lot more economic opportunity.

It’s worth considering the trade-offs between the stability of income and the increased oversight and hoops you'll have to jump through.

I'm definitely still looking at it, but one concern is the population growth, it seems to be decreasing slightly? 

page=LoadVirtualDoc&BookmarkID=6536) that capped annual increases to the Taxable Value of a property to the lower of 5% or Michigan's Cost of Living increase.

Adding a 1/2 bath, new roof, central air or other typical improvements will increase the value of the property. 

After closing, work on increasing your income, reducing debt, and preparing for a second mortgage.