Peter,Here is what a friend of mine did in Illinois in regards of this matter.It is usually in your best interest to have a Manager Managed LLC, that way the company carries with all responsibility.

The SPOA states a sale price at or above the amount due the seller, the time frame the power is granted, the legal description of the property and the power to adverstise, list and do all other things usual and customary to carry out the duties and it needs to referrence your contract.

We did a lease back to cover our carrying costs.

I almost never have repairs on my condos, I get great cash flow, and I get really good renters.That all being said condos do carry unique risks.  

"Mentor", or "coach" , does sometimes carry a negative connotation but I think you have to have a trusted expert that you can talk to, and learn from.

As an investor, there isn't any financing available except hard money, seller carry back terms, or buying discounted notes.

I just carry 1st against my properties and make all my rental money TAX FREE.

Operating as a business carries more exposure than a simple homeowner and should be considered imo.

Driving the property isn't exactly feasible, and neither is checking the MLS, because you probably don't have MLS access in that state, and even if you did, the amount of rentals on the MLS are rarely enough to find relevant comps (and they carry a premium because the landlord has to pay the agent and coop agent).

Make sure you know your carrying costs of a rental in Detroit.