I have been learning and searching for almost a year now and finally found what I believe to be a good deal.

Both are highly subjective and market-dependent.That said, the following thread:https://www.biggerpockets.com/forums/12/topics/569...contains some very useful info on the subject.If you search here on BP for Blog and Forum posts on this topic, you'll find a wealth of useful info!

I'm assuminh that if I do the latter, then I'd also use my personal account for repairs, maintenance & improvements to my unit as well.Is there some other method?

It seams like an area that is starting to improve and is pretty close to the Grosse Pointe areas which are pretty nice and pricey here.The asking price on the property is $46,900. 

I searched for a previous post on this but they seem dated.

I searched “discipline” to see what comes up for some healthy reading, and came across your post.

It's more rentals are for people to live in temporarily while they build or search for their house to buy. 

Here are some recommendations for you:Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users.

Is this a new improved 1031 exchange?

If I buy a property in need of work or improvements my after repair/improvement revenues are fairly predictable because they are based on what that market is generating today for a similar property.