that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

If not, I suggest waiting until you do.If you use up all of your equity on your current home, rent it, and then need a new roof or boiler, your attempt at your first door will go sour.

With your experience, it could open doors to more local opportunities, so balancing saving for that while looking for the right investment is key.If you need help with financing or further strategy, feel free to reach out!

If you have that much equity, perhaps a $1.5-$2M would make sense, but I assume that would be a larger property with more doors.

Put locks on each bedroom door so individual tenants have security of their personal belongings.You need a really good set of rules regarding shared common space, cleaning, kitchen use, bathroom use, etc.Be very clear about the rules up front, and selective about who you put in there.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

Even if he won't sign a new lease, I would simply post this on his door advising him of the new rental rate, take a picture of it, and save it for possible future need if you have to file for eviction. 

Police broke down the front door and found 1 girl inside & massage tables in each room. 

@Nicolas Munoz I’ve got 31 doors and the only real tools I use are the BP Calculators.

I already have one rental property that I own, but want my goal is to reach 40 doors in the next 20 years.