They will shop the available options for you and present you the best options while pointing out where the policies differ from each other.

Cost of living is also lower in Lansing so repair costs are lower.You will want an excellent, locally property manager that handles management and repairs, along with an investor friendly Realtor, CPA, lender, insurance agent, and attorney.To Your Success!

I was wondering if anyone had any tips or tricks for this area dealing with the insanely high property tax and insurance rates?

Using escrow company & title insurance will protect you from an unwanted surprise.

You can - 1) establish a trust for asset protection, 2) utilize the Homestead Exemption for property protection, 3) consider tenancy by the entirety for marital property (this might just be applicable to California, my home state)4) make sure you have adequate liability insurance for additional protection, 5) think about forming a business entity to shield assets, 6) and have proper estate planning for asset distribution.Seek tax and legal advice from experts in your state.

Generally, the fees can range from $500 to $2,500 or more, depending on the specifics of the loan and the attorney's rates.Here are some common fees associated with loan document preparation:Promissory Note and Loan Agreement: These are the core documents, and the cost of drafting these can range from $300 to $1,500, depending on the complexity of the deal and the lawyer's hourly rate.Deed of Trust or Mortgage: This is often required to secure the loan against the property and can cost an additional $300 to $1,000.Title Search and Title Insurance: If you’re using title insurance or require a title search to secure the loan, this can add another $300 to $800 or more to the cost.Other Documents: Depending on the type of loan (e.g., hard money loans, commercial loans), you might need additional documents like personal guarantees, collateral agreements, or an escrow agreement.

Also Airbnb does prioritize things like looser cancellation policies, instant book, in line with market cleaning fees, etc.

However, there are some drawbacks to putting a rental property in a trust - first setting up a trust can be expensive and involve a lot of paperwork, the rental property may be subject to rent control and liability insurance may be more expensive for a trust.

The 70% sounds appetizing but 70% of nothing is still nothing, so make sure you clarify all the financials, insurance for damages, etc.

We are finding conflicting information as it pertains to insurance and liability.