You cannot use "short term rental income" to qualify on the subject property BUT you can use 75% of the appraiser's rent valuation on the 1007 market rent schedule.

Would really like any insights you all may have on the potential (if you have worked in them) in these markets and if you feel there is opportunity in all 4 stages of our strategy in that city. 

Yes, you have read that correctly. 3 Trillion $ market cap. 

You will gain so much knowledge from the experts in your market and also may find someone who is in the same boat of you.

Would sec 8 decrease the rent to the calculated fair market value of rent or at worst case scenario remain the same and sec 8 decline the increase?

I'm particularly passionate about cultivating an extremely tenant-satisfaction-focused mission in order to distinguish myself in the rental market. 

You can invest in any market selecting the ones that you believe are seeing the most growth, and do it from anywhere.

How will you market the property?

@Mayuresh Kshirsagar Detroit is one of the best markets in the Midwest right now!

These areas are more stable, but you would have to put effort into finding below market deals.