The biggest lesson, which I learned early on: get clear on the type of property you want to buy, then tell everyone over and over again.

The biggest issue I see is that they are looking to restrict STRs in the area so why would I buy there knowing it could all go away.

Look at insurance and tax costs, those two items are the biggest killer of cash flow.

Efficiency Comes from Building the Right TeamOne of the biggest ways we’ve streamlined our business is by bringing everything in-house.

So far, I think one of my biggest lesson on 2024 is that I finally I decided to take an action and started looking for my first real-state property. 

@Mattin Hosh first, most cities in Metro Detroit have some type of rental property inspection every 2-3 years.It's not really a big deal 99% of the time - especially for owners who are NOT slumlords:)Also, a quick Google search will show that several states/cities are passing/considering similar legislation.One of the biggest mistakes we see newer investors making is NOT properly understanding Neighborhood/Property/Tenant Classes and naively assuming that any rental they buy will deliver Class A results.Read our copy & paste thoughts below and DM us if you'd like to dicuss more about the Detroit market:)-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

There's money to be made whatever you decide to do but your biggest advantage is your age and time available to learn and grow.I have thought about house hacking for quite some time now.

@Justin Goodrich I can speak for a lot of investors and say our biggest problems are out of our control. 

Investor focused realtors & Property managers are going to be your biggest asset since they'll be finding your deals & managing the day to day operations for you.

The biggest thing to make sure of is to choose a solid strategy that you plan on using for the long term and choose a city/state that you trust.