The caveat on this choice is I loved growing up in Detroit (Warren, specifically) but neither my wife nor I have a huge desire to live there at this time.I would be very grateful for any insight from the community -- thank you!

If you aren't excited by the prospect and you no longer have a desire for the career you were going to study for it might not be the best choice.Going to Community college for a while isn't a bad idea.

Many rehabbers also use $15k as a hard floor on their expected profit, due to the uncertainties in flipping, and the desire to make an adequate return for time expended.Think twice before trying to flip a $80k property.

Anyone have any thoughts at how well the desire is to a single person renting a 1 bedroom town house compared to renting a 1 bedroom apartment?

Non-distressed homeowners have been sitting on their homes, even though they had a desire to sell, to wait for market recovery.

Even if it costs some money I think it is an excellent learning experience.Assuming I desired to go through with this project would you contact banks/HML's before placing an offer or after?

On or after June 1, if a person who holds a certificate of purchase desires to pay subsequent taxes, accrued interest and related fees due on the property, the person shall exhibit the certificate or receipt of registered certificate to the county treasurer.

Loosing accounting history sort of speaks to less than desired collection efforts.  

The capital gains generally tends to be higher in more desirable areas, especially where land is limited.So as an investment, a low yielding piece of real estate dis not always completely irrational as an investment and personally, I am a strong believer that in todays market with so much information at our finger tips, prices and percentage returns and yields tend to be a good reflection of risk.Just my opinion base don my investment style.

Looks like you move faster than most, after talking about your desire to sell the current portfolio and invest closer to home, you certainly found a great way to get the word out - nicely done Jon!