It has 5 bedrooms and earns 5K per month, but the owner is asking for 360 K. 

Hey Rashim, I've worked with a bunch of Canadian investors that purchase in Detroit.The key is to set up your entity structure so you don't get hit with double taxation.

Original plan was to turn it into two units as it has and upstairs and downstairs entrance as well as a master bedroom upstairs and downstairs.

In Florida, you would serve them a 3-day notice, and usually, the lease has a provision in it where you can charge them double rent or something similar for a holdover tenant.

This could be rehabs, adding bedrooms/units, etc.Most of my clients do buy and hold because of the above mentioned.

In TX no license is required to assign/double close deals. 

I'd consider renting out your property in Frisco as a mid term rental, you'll typically see double the rents vs a long term rental.

In 10 years, you'll be kicking yourself for not buying double the number of homes you bought.  

Depending on how long the prior owner lived there they may change very little or they could more than double.  

Key differentiators include storage space (attic or large closets), EV charging, and accessible backyards (not just an entry from the bedroom).3) Liya Mo - BTR REITS are trading at a premium to MultiFamily REITS, largely due to more exit strategies.