Thinking of Investing in Michigan

[CJ Wine]

Hello Everyone, 

I live in Colorado and am looking to get started in real-estate investing, particularly buy-and-hold rentals. The market here has really skyrocketed since I moved to Colorado Springs in 2013, and I believe a major catalyst in the growth was the legalization of recreational marijuana. With that in mind, and the fact that I simply can't afford to jump in to much locally at this point, I'm searching for more accessible markets. Enter my topic of discussion, which would be thoughts on investing in Michigan with the state recently legalizing recreational marijuana as well. 

I've been searching MLS listings in most of the major cities and some tertiary areas, and there is quite the range of options as far as price points. I was wondering what others may think of as far as what might be the best cities to look at for rental properties, where the growth is likely to occur with grow areas and dispensary plans in the works, and if there are any locals with insider views that may help some of us new to this in selecting the best neighborhoods and properties to search through.

I personally am wanting to start out with a small 2-4 unit multiplex, but will of course remain flexible to what the market offers and what appears to be the better option for cash flow, appreciation, and long term returns. 

I know my scope is still fairly broad for the time being, but would love to hear thoughts and advice from anybody interested. 

Thanks in advance for joining in and Happy Holidays!

[Chivas Miho]

@CJ Wine - I also invest from out of state in Michigan, in the Jackson area.  City has been trying to make a come back recently but not as big a market as the other big names mentioned.  One thing to keep in mind is the mandatory City Inspections that occur every two years for non-owner occupied properties, which could bust your budget.