We’re fortunate to have an above-average income and live well below our means.This summer, we’ll be moving to Detroit (PCSing in August), and we’ve saved about $120,000 to invest in addition to having funds set aside for the home we’ll purchase in Detroit.The reason I’m posting is that I’m struggling to decide how to best allocate the $120k.

I have never built a home before and I do not have 'construction' experience aside from renovating my own spaces (so i do have experience- just no formal experience). 

As an aside, insurance companies are inspecting most properties one way or another in the current market. 

Or was it just you driving around a side of the city you work in until you found those distressed properties to call on?

Prepare financially by saving for down payments, improving your credit score, and setting aside emergency reserves.

Aside from the 0 money down, even FHA requires 3.50% down, everything sounds like you're on the right track.

Pretty clever, make products with a side effect so you can also sell the solution to the side effect. 

Remote work gives you flexibility, high income, and you’ve set aside capital.I grew up in NYC, so I get where you’re coming from.

Set aside a very substantial legal defense fund if you decide to do these. 

This means building a budget that includes setting aside funds for your next investment.