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.

It is in a northern MI Downtown area (opp zone) in a county seat with 2 hospitals, had it re-zoned to mixed use, and is considered blighted which makes it eligible for MEDC funding of up to 50% of project cost.It is 8k sqft (4,000 each level) with the lower level being a walkout (top level is street level with sloped drive down to the rear of the building).

Market fundamentals and economic factors seem strong and promising.

Sometimes too portfolios allow you to include lower valued properties that might not be eligible for regular DSCR lending. 

There is a lot you need to know to be a successful investor and landlord and while nothing beats doing it -  as the best way to learn - you really need to have a good understanding of the fundamentals and the ins and outs.

Check out the Freddit Mac guidelines here if you want to see full eligibility restrictions: https://guide.freddiemac.com/app/guide/section/4201.15DSCR loans would not have this restriction. 

With a strong desire to learn, I’m focused on acquiring the skills needed to make strategic investments and build generational wealth through real estate.I’m is eager to dive into the fundamentals of the industry, from property evaluation to cash flow management, and is excited to learn from the experienced mentors and peers.Welcome to the community!

Starting small with solid fundamentals and not waiting for the "perfect" deal was key to getting started.

I only ask because you said you are new to this.The S8 rents you see on the HUD website is gross eligibility.

For a JV structure, both borrowers would need to qualify personally since LLCs aren’t eligible for these programs.