Also, what can be rented out easily, in terms of size and number of bedrooms?

I believe we are both on the same boat, in terms of equity and being new.

If you can buy owner occupied property at the lowest down payment and lowest interest rates, occupy for 2 years and move on to the next for a few years...you will have strong winds behind your back, in terms of cash flow and equity buildup. 

My observation is that Jake & Gino seem to do the best in terms of getting their students to network & build relationships with one another, often leading to partnerships & deals. 

Especially in terms of framing, sheetrock, or painting crews. 

It seems they are one of the more aggressive cities in terms of enforcing str regulations which is quite the opposite to most cities it seems. 

You can definitely still do BRRRR deals in Detroit in today's environment but you have to be careful of the team you're working with.There's a lot happening in the Detroit market in terms of investment and revitalization.

What is the standard practice in terms of amount and terms?

I would get a good licensed contractor to look at the water issue, and review the repair cost in terms of how many months of income this would suck from the investment.

At least in terms of rent, college students are paying 1100 - 1600 to rent by the room.