It makes budgeting so much easier. 

you are competing against other investors spending thousands or tens of thousands of dollars on marketing every month. 

Recognize that going out of state will come with a lot of learning and education; there's a cost for that of your time and if its better served educating out of state or spending it on the property.

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.

It may sound funny to pay a 1031 exchange service to simply receive money for you and spend it for you, but it is essential. 

Quote from @Galant Ant: Permit delays in NY can derail timelines and budgets for developers and flippers.

My first flip was a HUD foreclosure with no money down—far from perfect, but I learned a ton about budgeting and contractors.

One thing I did note is my insurance is $3K a year lower due to the monitored fire suppression system in these larger properties versus my smaller properties that sleep 12 or less built close to the same time.As someone who has lived in Illinois twice, the politicians there don't care if people burn as long as they can tax and spend. 

Get to a point of having enough cash flow for me to spend less time on my job and more time with young kids in 5 years2.

Are they holding the money, or are they spending it?