A jobless rate of 3% or below is widely considered "full employment" by economists, or the point at which most people who want a job have one

Not everyone starting off gets hit with this, and if you can buy a portfolio it can "de-risk" the issue to some extent, but if you have one property and experience an 8-9 month fight to collect rent prior to eviction with a large repair bill after that it can be very painful.ALWAYS use a licensed PM in Detroit. 

I had a WIDE range of quotes for my building, but I ultimately winded up using Hemlane for the quote as they had the best price and coverage. 

It's a whole suite of forms that you can utilize for move in, pets, extentions, applications etc.

The property is located in a business district and does not have residential district restrictions, so I think STR is allowable to some extent.

That's not necessarily anything more then just showing how "green" and ignorant they are, to the extent of not even knowing what they should be asking. 

Get a couple of quotes because they can be pretty wide apart. 

Costs can vary widely, but you might expect to pay anywhere from $10,000 to $25,000 for a comprehensive PPM (Private Placement Memorandum), Operating Agreement, and Subscription Agreement.

Cons: Property taxes can vary widely depending on the county.

It was based on statistics from many landlords over a wide variety of portfolios.