But what you should investigate 1st is the costs associated with having a foreign entity in Michigan versus just having a local entity.

The FBI investigates occupancy fraud and would just come foreclose on the property.

New distressed flooring throughout the home, freshly painted interior with contemporary paint colors, newly installed baseboards, and fully remodeled master bathroom and full guest bathroom.

I am in the investigation stage for both so I can't give you direct experience but good luck!

I have not investigated all the news sources available but i primarly read and follow the Houston Business Journal.

@Simon Obas - I would always recommend to tear it off and start fresh, it's ultimately the right thing to do in my opinion. 

Are tenant turnover costs (e.g. fresh paint) included?

As for your first response, I am going to read that again tomorrow with fresh eyes and start looking into the area.

Do your homework and investigate, investigate and do some more investigating . 

Also investigate delayed financing which you buy the property with "cash" and refinance without seasoning period