Most OOS investors fail to realize that Detroit was geographically built for 2 million people, but currently has less than half that population.Some areas of the city, maybe 1/3, are coming back strong, another 1/3 is so-so and the last 1/3 is no mans land.How long you have sit on a piece of land before you can profit on it, depends on where you buy.

By all means, sharpen your pencil to craft a strong, competitive offer.

I would definitely have a strong lease signed.

I'd love to hear peoples thoughts on what a good level of leverage should be.Regarding best practices for house hacking, having a strong screening / rental criteria and sticking to it is key to success.

I'm assuming that you have a strong worth ethic and are not frivolous with your money since you were able to accumulate these savings.  

However, I believe you would have a strong argument in civil court to claim ownership of the missing rent (Not that I'm recommending that action for 5 days of rent). 

Strong ROI in this area, especially with Section 8 tenants.

If you are going to work with sellers in foreclosure than I strongly suggest you learn about the foreclosure process in your state.

From personal development books I read in the past, I knew that a ‘can do’ attitude was needed during times like this and I strongly believed in the old adage ‘if there is a will, there is a way.’

Then focus on your small tasks.I do strongly recommend that you get an LLC regardless of whether or not you get it before hand.