EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Detroit can be a fantastic market with strong cash flow and good appreciation potential, but it’s definitely a unique place with its own quirks.Starting with cash is a smart move, especially in Detroit, where local knowledge and relationships can make a huge difference.

Plus it drives down wages so existing population can’t move up in housing.Add in Airbnb and you drive up housing.Add in tariffs for Canadian lumber 3 years ago and potential future China and Mexico tariffs.  

While it's positive after expenses and has potential for improvement in year two, it’s been a bigger hassle than anticipated and taking attention from other priorities and areas of our life with not enough return. 

Lend's the highest potential for such folly. 

Obviously some potential issues with the lender, but how often do these deals really happen?  

Once could purchase the land (and potentially other land/real estate in the future).

An LLC is potentially one minor factor that might contribute to the evidence that you are running your rental activity as a trade or business, but it's definitely not required that you have an LLC to qualify.

Even with trump's aggressive plans for mass deportation and border security, I also have to think long term about future presidents' agendas towards border control too, and anticipate potential presidents being more loose on border security.

My strategy is to hold it long-term, leveraging the steady rental income while benefiting from potential appreciation.