Other than that I am completely fine with door knocking and talking to sellers to be there problem solver.

It seems obvious to do this so that I can learn to manage my own property, but am I completely wrong?

It is a completely asinine concept.

Now that you know how to calculate the current value or potential purchase price on the property...let's talk about determining ARV on this asset. 1) Do a complete rent comp analysis to determine if there is room to push the rents higher2) If there is room to increase rents...then you can start to determine what the value of the property would be after increasing the rents. 3) This will then allow you to back track to determine how much you would be willing to spend per door on CapEx improvements to achieve the rent premium.

That is completely unacceptable!

I find my tenants primarily on Craigslist.

Hey BP, I am a new investor from North Carolina and will be traveling to Detroit next week and am looking to meet with some locals to grab a drink or meal with and talk real estate.

Must have references that are positive, employer that is positive (or verifiable consistent income), 1st last and security, and complete background and credit check. 

Yes, selling them will always be at a discount, due to the uncertainty of a “complete fix”.  

There is profit margin to be made if the project is completed but for various reasons, I need to liquidate my capital and can no longer complete the project.