I considered starting out house hacking a MF, but it will only increase my monthly expenses, not lower them or provide cash flow. 

@Mike Land, yes, the $1.7M deal that Cody mentioned earlier was low on details.

In ski towns across America, housing prices are at an all time high demand is at all time high and supply all time low. 

Keep receipts for all your expenses for federal taxes, keep the deposits in a seperate bank account. 

If you do it right, it’s arguably the best market to invest.Purchase: $80k-$130kRent: $1100-$1500 (no rent control in MI)1% rule: .9%-1.4% rule dealsCoc ROI: 4-12%Total ROI: 20-40%Cash flow: $50-$250/door (after all expenses and budgeting for maint, capex, vacancy)Appreciation: 3-10%+ (has been double digit for a decade)Location: C+, B-These numbers are based on the “sweet spot” in Metro Detroit.

But if you have a low LTV, it's not likely an issue anyway.

Rental property prices are low in this area, leads me to believe there are problems with the rent collected vs expenses.

Rents continue to climb as well but likely not enough to keep up with increasing monthly mortgage payments when considering interest rates and soaring property values.There are 2 main schools of thought when considering investing in an expensive market like Long Island.- Robert Kiyosaki, Grant Cardone, and similar thinkers believe its best to invest in markets with higher cashflow while renting where you want to live.

if it is cash flow positive, the rent covers more than the expenses.  

For the "why" regarding condos...high HOA fees (like 1000/mo...something like 400-500 is now "very low"), high insurance costs, overbuilding (everyday it seems like new building is going up) and high property taxes.