Another thought - When purchasing HVACs, roofs, tree removal, siding, etc. you can very easily pay "retail" (just look for the biggest ad campaigns online) or you can save 30-50% by being your own GC and finding or going to the crews directly.

I only recommend using a HELOC for scenarios where you'd be able to pay it back within a year.Alternatively, you can just buy another investment property with lower down payment, which is a better interest rate than anything you'll get on a 2nd lien HELOC/HELOAN. 

My concern is the investment in Detroit would need to create high paying jobs in the city and those earners to live in the city for change to come at a granular level and be sustained.

Pay them fairly and they'll keep delivering opportunities to you.

You might end up paying a few hundred dollars a year to the state you set it up in, and the state you are actually doing business in. 

I agree with @Jaron Walling, you have an opportunity to sell and harvest a profit and avoid paying tax on that profit because it was your primary residence.

So it would not make much sense to put only 15% down if you have to pay an additional 4.125% in points to make it happen.

I browsed for trustee sale in North Carolina but nothing coming up, except the the listings on Xome.com for online bidding I am not in the business of buying foreclosures so I am not sure which trustees post it on their site or if its best to search the areas newspaper for public notices.

Currently, I am paying $942/month w/ $232 of that going towards my principal.

You agree to pay an additional $200.00 lease violation fee each time we determine, at our sole discretion, that smoking has occurred in your rental unit, due as Additional Rent.