If you COC return is above 10% buying today and having the market scream down tomorrow will likely break you out even as the low wouldn't be achieved for a few years most likely and unless you're buying garbage or a true collapse occurs you aren't likely to lose more than 30-40% so the cash-flow alone will likely off-set the oppertunity cost lost in buying it at the bottom.

I am just asking questions to invoke thought processes that might not have occurred yet.

Would end up spending more monthly on rent than the current mortgage though.It also just occurred to me that I could refinance and get some cash out.

I did find that there are a few REIA meetups in SW Michigan that occur regularly (meetup.com)

@Sean Lambert It didn't even occur to me to ask around work/social circles!

And once again, this figure understates the return because it does not take into account the sheltering of income against state and local taxes which might occur.

You may want to consult with an attorney just to understand the process and what will likely occur.  

I am guessing that they will suggest that you require the Tenant to have:- General Liability (1,000,000/occurance)- Umbrella Liability ($1mm or more)- Professional Liabiity ($1mm or more)- Tenants Legal Liability ($500,000 or $1mm)-  Abuse/Molestation covered under the Liability or as a separate limit)- Business Auto Liability ($1mm)- Workers Compensation & employers Liabiltiy- If they paid to make modifications to the property to be able to operate (ie. ramps, special doors, etc.) they may need Additions & Alterations coverage depending on what your lease says on who owns those.They will probably seek to add requirements that shift the burden of Insurance to the tennant for something that you both get drawn into.  

Juan Pablo Murillo If you think you will go FHA, Conventional, FHA 203k, etc. and then Quit Claim the property, to a LLC, or a Land Trust you run the risk of the lender discovering a Title Transfer occurred and activating the "Acceleration Clause" or "Due on Sale Clause" that requires the loan to be paid in full, within 'x' number of days.

Seasoned BPers have consistently advised against buying based on speculation that appreciation will occur.