I have about $300 on my credit cards (just finally paid them off for the most part, and have about $20,000 limit).My cash on hand is relatively light, but what my plan was was to find some single family homes in the north Detroit area (currently anywhere from $40-$60k and put about $15-20k tops into any repairs or fixes (not looking for total rehabs, mostly something I can do some small repairs here and there and paint, personally I am knowledgeable about renovating up until complex electric and plumbing).

It can happen but you need to have a seasoned Banker or Loan officer with very lien ant construction underwriters.You will need a solid and very descriptive "LOE" letter of explanation and make sure you’re not trying to build a 2-4 unit or a smaller home versus the current homes GLA/SQFT or it will "Not" get approved.

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

@Jerrell Sweeting   I know in NJ this was the difference between eviction(tenant) and ejection (just a " guest, no money agreement) of a person.   

That sounds like a well-considered plan, and visiting in person is a great first step.

I personally don't like STR's because they are more of a business than an investment(in my opinion).You didn't mention the amount of hours that you and your spouse work but I would have to assume it be between 1900 to 2200 hours assuming you work 48 weeks and between 40 to 50 hours a week.If you buy a STR and self-manage it, you are added 200-300 hours per year in additional work making your life more stressful and less time to do things that you enjoy.Best of luck. 

Then you use those on your personal taxes.

The seller can remove their ID, banking info, and anything else personal and you can login and add all your information in addition to changing the email.

They are written off your personal residence.

@Adam Eckhoff I personally prefer real estate over stocks because it gives a quicker return on cash in your pocket (unless you are a skilled day trader/options trader).