@Naveen KumarWhat you describe is possible in some circumstances, but does come with risk. 

While some other NW neighborhoods might be hotter or have higher upside, I feel sticking near Blue line stops will help minimize risk. 

I would not want to risk paying the seller, if were not able to get a buyer tenant.

Buying a condo unit in a smaller building gives you more control, but not enough for me to risk it

Those are roughly in risk/reward order from lowest to highest, though they will all give you some hedge against inflation. 

Many people take similar risks.

I live in a Suburb near Detroit and I am new to R.E.I. however if you are investing 100k in Detroit you are taking a big risk. 

Once you have both numbers then you can see if the risks justify renting with either option.  

This investing thing especially as a passive investor is not a get rich thing but relatively low risk.

I financed the best one conventionally at the highest appraised price possible, then had them carry the others at a comparable discount using some of the loan money as DPs on the seller financed properties.