HOpefully there are some positive take away in this response for the OP. 

I also handle my own pest control, so it's a lot cheaper per door than the $360 the OP mentioned.

My personal challenge is finding a condo that is not a co-op because it will be hard to get a loan on it down the road. 

Account Closed actually I was suggesting OP may have to ignore the entirety of Detroit in that situation because of it's real life complexity, and great numbers on paper. 

IRC Sec. 121(b)(5)(C)(ii)(I), however, creates a special rule whereby the term period of nonqualified use will not include any portion of the five-year period preceding the sale or exchange of a residence that is after the last date such property is used as the principal residence of the taxpayer or taxpayers spouse.Example 2 in IRS Pub 523 under Business use or rental shows this exception and it sounds very similar to the one the OP is explaining.

I have no idea where OP is located so was never sure how the policies are structured. 

I would amend to say that if the OP does a little research and finds that the alleged GC is not actually licensed, or not correctly licensed, he needs to fire immediately.

I bet the OP and those making older posts have left the building.

There are some co-ops you could get in Montclair or Union City.

For a STR/VR you should be running between 65-85% Op Ex Ratio and as far as returns that's gong to completely depend on what you put down.