If your looking for the least amount of risk and biggest bang for your buck I would look for a company that is a reputable turnkey provider thats actually in Detroit and offers things such as an efficient boots on the ground team, all sorts of established local relationships, solid in-house management, an operation that is highly skilled and well versed in section 8, a company that has proven relationships with both out of state and local lenders.

I found it to be very useful because I was able to 1) get detailed knowledge about actual pricing and 2) control costs by establishing vendor accounts with Home Depot.However, once you have several successful flips under your belt and have built relationships with trusted contractors and are looking to do more volume, transitioning to contractor-sourced materials maximizes efficiency.

Most enticing is it is located on a very well established street with a wall score of 92 - lots of restaurants, bars, shops and a park nearby.

And your gambling a LOT of $ on trying something out, via purchasing a property to try the waters.     

I would take the gamble that rates will fall on their own over the next 3 years and live with the result. 

Eliminate debt, establish a budget, and save.

Like others have mentioned, it's beneficial to you and your business partner to ensure the LLC is established in a way that does in fact limit your liability. 

In some cases, gross income can include recurring capital gains or unrealized income, winnings from a day of gambling, rental income, and sometimes even interest earned on retirement accounts.

Most who gamble to such do not. 

Sorry to hear about the trouble with MSI @Rys F. you may need to wait until you have an established business entity because I know they can't sell directly to the public.To hear about the resourcefulness with the doors is awesome!