In California and Florida there are two State run plans of last resort (Cal Fair and Citizens respectively) for the otherwise uninsurable; properties that private companies have already deemed too risky and are effectively subsidized by taxpayers.

This is a little last minute but I see you're in BCS.

I have most recently read in the last 2 weeks, Poor Dad Rich Dad and Bigger Pockets Invest In Real Estate the Ultimate Beginners Guide to Getting Started.

I have used Nomad for the last 3 years with a rental property and have not had a great experience.

A property qualifies as Homestead for this exemption if an eligible owner files a Principal Residence Exemption (PRE): https://www.michigan.gov/taxes/0,4676,7-238-43535_43539-210891--,00.html#:~:text=Section%20211.7cc%20and%20211.7,purposes%20up%20to%2018%20mills.Many investors have gotten an ugly surprise when they bought a property that was a primary residence of the seller for the last 20 years.

Last time I talked with them they did.

Note - if you live in your property for 2 years out of the last 5, then you don’t pay taxes on the profit. 

And lastly, what type of property do you want that next one to be?

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Those policies that weren’t forced on the plan of last resort, the state run California ‘Fair’ Plan are significantly underinsured.