Moving into that first house for a two year period would allow you to claim it as your primary residence and claim that exemption providing you will have owned it for 5 years prior to selling.  

The IRS requires that I claim the entire years worth of rent in the year it was received. 

The worst is small claims cases for return of security deposit.

The rules have changed and got tighter because of a lot of remodelling/rehabers trying to claim every last cent in their tax return at the moment.You really need proper advice on this.

I mean there good people but they can be replaced,  and you don't want them setting a smoking trend for your current and future customers.  

The area surrounding that land has well constructed custom homes.

I was also very interested in downtown Detroit, I don't think there will be much manufacturing jobs except for very small boutique shops like the custom bicycles and expensive watches company.

The only thing that changes is how much of the margin you will get to claim as profit.  

On the bottom of the link it will tell you if you are getting title insurance or equivalent, or if you are getting a quit claim deed.

A lot of people aren't aware that a a landlord can file a claim against the tenants insurance company in cases of negligence.