I was born in raised in Michigan and know almost all there is to know about Michigan Real Estate.

I know the area well being born and raised here and could help you run some numbers to help you make some informed decisions. 

My wife and I wouldn't have done it when raising kids and now that they are out of the house, we still wouldn't.But we love rentals. 

During the pandemic years, it became increasingly popular to lease month to month which creates opportunity to increase rents rapidly on in place tenants.I'm buying a condo this month in which the tenant agreed to stay and signed a new lease raising his rent $250 per month. 

Lowered inventory RAISES value of available, diminished inventory. 

Wasnt planning on raising the rent, but with last minute things now Im deciding to raise the rent.

If you're lucky, then after a couple years your property has appreciated, gone up in value (possibly because of rehabs you've done, rents that have been raised, or both). 

What strategies would you deploy to raise rents to get to the pro forma quickly without raising a ton of vacancies right away?

It is a requirement where I live to build a home raised by pressed timber piling's with a BFE requirement of 14ft.

IF you see that happen or suspect it then you can raise holy hell with the authorities.