As I understand, landlords there cannot charge application fees, security deposits and evictions are VERY challenging.Have communicated with several PMCs and investors in Ohio market and not aware of any real differences from Michigan. 

So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

From what I can see, I understand and respect Bob's perspectives and decisions for his business.We're having a different perspective and experience and have made different decisions for our business.

For instance if this is a $10M portfolio that's levered with loans totaling $9.1M, there's no equity that can be pulled but if this is a $1M portfolio with $100K of debt, its a different story.

It's interesting, but every state has dozens (if not 100s) of "submarkets" that can tell a different micro story.

This will save you time and effort, as you won’t have to travel long distances to manage different properties or handle tenant issues.For your first investment, I suggest starting with 2-4 unit properties.

Just a heads-up: with the way the insurance market has been here over the past couple of years, this is accurate as of today, but things could look very different (for better or worse) in 6+ months.

I would also recommend the RPOA meetings here in Grand Rapids.

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

this is the distinct different between being an actual lender like a bank .. and an investor in a fund.. two very separate transactions.. when you lend and receive collateral on the asset you get paid when it pays off or the borrower refinances etc.