My view was that with 8 units it wasn't necessary or didn't justify a cost, but I don't know what I don't know here.

If you do it right, it’s arguably the best market to invest.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.

Not just location, but different states can have different (sometimes weird) rules like here in Texas where you need a manual third party "attorney review' on every loan doc set - adds about $100 to each doc cost that doesn't apply in most states

Lastly, do some initial research on local STR rules and costs to prepare for discussions with your team.Building a solid team, including an agent and co-host, will set you up for success.

Melissa, not trying to hijack the post, but I am curious about cross collateral, as I own a 5 unit with a lot of equity and would like to buy using same bank, using the equity as a form of down payment and the new property income to justify a higher tha 75% loan. 

Nothing in our "era" has changed these basic rules:1.

I am not sure of the rules on that.

If you see someone violating the rules, create a post with "@moderators" and we will receive a notification and respond.Again, welcome to BiggerPockets and happy investing!

My concern with both the refi and sale option is getting less than optimal terms if the NOI isn't there to justify the values. 

But in my opinion the 1% Rule has gone the same way as the 2% Rule.