Has it developed much in the last 5 years? 

Turbo tax will prorate your depreciation for you when you input the purchase date but you need to input the land value (1/6 your PP in my example) and what % the rental is of the dwelling. 

Wishing you much success this year!

LOL   That is exactly what I would expect from the Detroit City Government.If you go there, they are likely going to say you first need a license from a different office on the other side of town and when you drive there, they will say you need an appointment with them, but they only have appointments the third Thursday of each month.  

If not, I most definitely would reach out to the tenant, introduce myself and ask if they are going to be out by the 31st or the 1st, I would communicate  to the tenant as if I know they were told they are expected to leave, otherwise you may find they "do not know" they need to leave even if they actually know they need to leave....In the case they claim they are not aware they need to leave, you would need to follow the laws in the state you purchased the property, usually you can find that info on the states judicial branch or speak with a landlord tenant attorney. 

Despite the guru fed “misinformation” about all these under market price deals, they are actually very rare and require (1) the investor recognizing value that the seller and the rest of the market misses or (2) a seller with a need for an immediate sale and a buyer with the CASH immediately available to conclude a very quick closing usually forgoing inspections, financing, and other contingencies. 

I'm a Michigan native looking to move back to start my portfolio but I haven't really spent too much time in Detroit and would love to hear people's experiences.

Owner will need an Annual Owner Statement from your acconting system, reflecting those gross collected amounts and all expenses, including your management fees.

When you get your name on the distribution list, are you then "in line" for a distribution every quarter, or will you need to call and request a distribution every quarter.  

That was an excellent non-answer to my question, Skyler. hihi :)No they are not all the same. some are only interested in dealing with conventional purchases other are as you say better at handling assignments or double closes, some are commercial specialty, etc....A investor friendly one would be, at least from my point of view, one that understands there may need to be some last minute wheeling, dealing, and adjustment made to close a deal, understand what needs to be done and do not freak out about creative deals.Maybe my understanding or thoughts are wrong but that's what I meant by investor friendlyregards :)