We see a lot of success in the suburbs:Purchase: $80k-$130kRent: $1100-$1500 (no rent control in MI)1% rule: .9%-1.4% rule dealsCoc ROI: 5-12%Total ROI: 20-40%Cash flow: $50-$250/door (after all expenses and budgeting for maint, capex, vacancy)Appreciation: 3-10%+ (has been double digit for a decade)Location: C+, B-These numbers are based on the “sweet spot” in Metro Detroit.

You can also double hack these if you have enough units and live in one unit and use one unit for your business, but of course that decreases your cash flow but increases your usability.You can also use an FHA loan to get a mixed-use property with only 3.5% down if the residential square footage if more than 50% of the total square footage.

Have about $2k of profits sitting in a checking account solely for my rental ($4k total with SD).When can/should I take the excess profits out and invest them?

That's totally fine..

Total sq. ft = 4500.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

At my other location, I currently have 6 rooms with three vacancies and totalling 4 at the end of the month.

Totally up to you but let us know what you go with! 

This can help you greatly with the additional depreciation.Ultimately, med to large MF and small 2-4s are totally different products.