The property was a 2BR/1,1/2 bath for the main and second floor as a single unit and a basement unit that was a 1BR/1Bath.

Since our climate is dry, I have seen folks do a lot less and as long as it stays dry then no problems.

I know, I know that seems like allot to ask for but I find myself after hard work and a little bit of luck I am at a place in my life where I can say I have accomplished that.

There is scope in cities like Ann Arbor for this type of project, but you definitely need deep pockets and a long timeline.

Your drive is what, half hour no traffic, an hour or hour and a half with traffic?  

A long time ago, I asked similar questions and a member here pointed me at a software product that we now use religiously.I don't sell it, but do recommend it...  

However, most of the time that she makes offers, realtors tell her that she's competing against cash buyers and as you know, they are taking precedence over her.

You're already in the right place to have the help you are requesting, just keep hopping into these forums and ask questions, read posts and comment and as @Mindy Jensen mentioned, you'll find yourself in communication with local investors who you may be able to do some work with & for over the next couple years to really get your feet wet in the industry.

It was just my wife and I for most of it, and I don't think I'd try to do it again (doing all the work myself while working a full-time job and a part-time job) even with just the two of us.

Higher interest is their hedge against the chance that you default.That said, there are basic protections that can be put into place besides just "your word", and a lot of them have already been listed so there's no need in restating (mortgage, alternative asset backing, etc,).