If I wanted a good solid investment with no full time work, I would diversify through a few things. 1- I would purchase an 80K house in a working class neighborhood, put 20K into it and then sell it owner finance with 10K down on a 30 year fixed at 8% with a pre-pay penalty for 3 years.

I spoke with @Nathaniel Busch a few weeks ago about our returns and he provided a lot of solid advice.  

I'm in the process of setting up my company, which includes but is not limited to: Locating HMLsChoosing my main farm areaConnecting with wholesalers, lawyers, contractors and REI friendly RealtorsCreating a solid marketing planLocating local REI meetingsPutting together an LLCAside from all of that, I'm reading, reading, reading!

Your next best bet to find something cheap is the North End which is about 3 Miles North of Downtown, but off Woodward and Oakland Aves, or maybe the east Jefferson Area.Also, if your Spanish is pretty solid, and can handle dealing with people without a verifiable job, or immigration papers, SW Detroit, in Mexican Village could be an option.In all these places I mentioned you better be ready to dig in hard on a renovation, and take control of the property.

I was hoping to get some rock solid models from those that have done this for years.1. 

But for those that are looking for a more systematic approach our track record is pretty solid, and I'd put our coaching up against anyone.  

You may fall flat on your face or the coach may inexplicably call for a pass on 2nd and goal, when the entire defense is bunched up into a solid wall on the goal line and the championship is on the line, but you're at least guaranteed to learn a lot in the process.

This would provide a solid base of income aswell.

Congrats that sounds like a solid deal..

That's a solid indicator that they overpriced it...which will at least give you an idea of what it isn't worth.Sounds like a very unique/historic property, which may limit your pool of potential buyers.