I've been investing for 5 years, combo of BRRRR, Airbnb, and flips, near me and out of state. I listen to podcasts and read books and have absorbed a ton of information over the years, so I'm familiar with numerous strategies, at least in concept. This year, I'm partnering with my sister, who is in a miserable corporate job taking her nowhere. But she has the W2 income and around $500k cash she's able to deploy towards our goal, which is to reach 'financial freedom' in 5-10 years. For me, that looks like around $15k/month income (and I'm starting from very little- long story). I have her figuring out her FI number, it's going to be a lot more than mine, but she also has a substantial 401k. So I'm thinking a good target will be around $30k/month to replace both of our incomes and live how we want to live, respectively.

We both live in MI and my current plan is to invest in single- and multi-family in solid, path-of-progress neighborhoods in metro Detroit, and also get some larger SFH's in the more expensive market where we live and do rent-by-the-room/co-living. We have a very severe affordable housing issue here! We are both committed to re-investing any cash flow back into the asset to snowball equity as quickly as possible. I like MI because of our climate, which is relatively stable compared to much of the country. I think our cooler climate and fresh water resources are going to attract a lot of population in coming years, especially as CA/FL become impossibly expensive for many people.

I'd love feedback and advice from those of you who are well ahead of me. I've resisted long term rentals, but am finally accepting that this is the most boring but solid way to create wealth. I am definitely focused on appreciation over cash flow. I am planning to BRRRR in DET and do turn-key up here as we are so short on labor. Are there other pathways I should consider, based on my goals and experience? I'm going to be doing all the research and execution, and I would self-manage the co-living at least the 1st year or two to learn it. Regular LTR's in DET would be fully managed. I love doing flips but I don't often see enough spread in DET and again, labor is too scarce up here to make it viable. It's exciting to have capital, I just want to be very careful and strategic. Thanks in advance for any insight!

Detroit, Michigan

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