I'm California-based where there aren't any real deals in my area, so I'm exploring Detroit as an alternative real estate investment market - due to the combination of it being a strong market and my having connections in the area. 

We've never used percentage-based criteria, like the 70% Rule, for purchases.

I'd underwrite the deal as any other - make sure you are conformable with the quality & tenant base. 

The hours are erratic, it's all commission based and I'd say it takes about 20k to get started depending on the market.

The simplest way is to base it on the market temperature of whatever city you’re researching.

.✔ Ensure All Basic Maintenance Issues Are Addressed – A rental sitting on the market is a great time to check for leaks, HVAC performance, paint touch-ups, and deep cleaning to make sure it’s move-in ready.

I'm based in the southwest and I currently have 9 units and I am currently helping 3 investors for MTR at this moment. 

However, based on your timeline, it seems like your decision may have already been made.

Some people are okay with less others wouldn't touch it for that much.

Always had to jump through hoops but always had it based on the property / asset