I looked at his videos and I could locate similar houses at similar prices on Redfin, the ones that need rehab but are not in horribly dilapidated state.

I don't know where in Michigan you are located, but I'm happy to give advice or share experiences.

Selling the convenience of the location first and in such detail may lead some renters to assume that there is something not so great about the house itself since the sale in on the location. 

When the rent rates stabilize, I suspect they'll bring it back.I wouldn't try it in a location like Portland, but 99% of the country would be fine with a policy like this as long as it is disclosed and applied equally.

@Adam M.The cost for a real estate tax accountant will vary based on location, experience, education and other factors, just like any other professional.

location location location  Wow. 

Low or no down, seller financing and low or no interest with a balloon payment later is the holy grail (location, building condition, market also matter but it sounds like you have all that).

It would depend on your income, location and price of the home. 

@Isaac Terry Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

My ideal location is in the middle so I'm away from severe flood risk, but still 15-20 mins tops to downtown or the beach.