We broke everything down into six categories and used those as buckets to simplify our understanding of the business.

Often, owners beat up PMCs for a low price, but fail to understand the PMC will often cut corners to make sure they are still profitable. 

MOST INVESTORS don't understand this and are fortunate to not get stuck in a position similar to the ones we faced.People don't seem to comprehend just how much "luck" has to do with success. 

.- If you're going after a seller finance deal I think once you understand what it will take to get to a finished state its simply a matter of aligning your needs as far as short term cashflow with the current rents/situation, with the net number the seller needs after the refinance.  

@Mattin Hosh first, most cities in Metro Detroit have some type of rental property inspection every 2-3 years.It's not really a big deal 99% of the time - especially for owners who are NOT slumlords:)Also, a quick Google search will show that several states/cities are passing/considering similar legislation.One of the biggest mistakes we see newer investors making is NOT properly understanding Neighborhood/Property/Tenant Classes and naively assuming that any rental they buy will deliver Class A results.Read our copy & paste thoughts below and DM us if you'd like to dicuss more about the Detroit market:)-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

@Jeffery Jones you understand you'll be buying Class C & D properties, not in the best of areas?

If not I understand and will work to generate a contract that encompasses all of these elements. 

You won't even try to understand it.   

If SF can be turned around, I think it could make a lot of sense if you understand the intricacies and can put up with the tenant/landlord law for the long term.  

You don’t get CA level appreciation in Kansas City.Some areas are high crime so need make sure you understand the neighborhood you are investing in, like any city all locations are not equal.Very car centric city, mass transit is not widely used, people don’t walk, they drive outside of a few very walkable locations in heart of the city.