But since I front 600 feet of his property it was important to him to have input on design and quality.

Under property management costs, usually just the standard 10% of monthly rent is often referenced but the lease renewal costs & tenant replacements costs are not mentioned quite as often.

I want to flip a property while I am here.

Ultimately, I'd like to go into MFR, LTR, but I think maybe I should walk before I run, so I'm evaluating the markets for both MF and SF properties.

Hello Everyone, I am looking to purchase my first rental property in Detroit.

Any referrals for agents, property management, and other area professionals would be much appreciated.

This BP topic, Total Available Market - 2, 3, and 4 units, describes the Raleigh market for property that meets Fannie Mae 1-4 Family underwriting. 

Ask anyone with investment property and they'll tell you it's not passive.I earn enough from investments that I could be financially free for life, assuming nothing major happens.

I would offer 90% of the market value. if he sells it you with no agents he is saving 6%~ on real estate agent commission and the other 4% is a convenience fee in that he dos not have to endure showings etc. and you will get better pricing on a non-owner occupied property if you put down 25% is compared to 20%.  

If he stays anyway, most leases have a punitive holdover clause that would charge him bucket of money because he is injuring not on your property but also the incoming resident.