Good luck with getting this tenant to accept higher rent, because you've trained your tenant to think they have a "mortgage payment" that never goes up!

Quote from @Bret Hudson: I lost a lot of trust for biggerpockets podcast when started using dealmachine and batchleads (same company) for sponsors too.

You have to be ready to make 3-6 months of payments on the mortgage yourself after they stop while you try to foreclose/evict them.

Quote from @Jack Townsend: I heard David Greene mention a loan product that only requires a 10% down payment on the purchase price and 10% of the rehab budget.

What would stop him from just not coming back to finish once he gets the last payment from you?

There are mortgage recast calculators online or you can reach out to your lender.P+I payment will go from 2155 to ~1800 given the numbers you provided.

I use Buildium for tracking rent, fees, leases, and collecting online payments, but I don't use their reports for much, as I end up copying my online banking each year into spreadsheets.I've been using Rental Hero for the last hour and already impressed with it.

If you go this route, consider hiring a trusted property manager local to the area who knows the market well.I have personally owned and managed a multifamily property in Illinois and after selling it I said I would never invest in that state again.

You can visit the property, contractors, etc where as Detroit will either involve longer travel or trusting someone on the ground when you arent physically there.

If you want to buy your first property ASAP, house hacking (duplex, triplex, or renting extra rooms) is one of the best ways to start with a low down payment while learning property management.