Hi, We're looking to invest in properties in Detroit preferably with the BRRRR strategy. 

I agree with the house hacking strategy.

@Stephen FlemingFrom my experience working with over 400 investors, your strategy of leveraging a low mortgage rate, tapping into home equity, and diversifying with a short-term rental (STR) in Northern Michigan is well thought out.

There are certain areas and strategies for that (and city laws you should be aware of).

This gives much better diversification protection across geographies, asset types, strategies, investment subclasses etc. versus putting all the eggs into one basket.The downside is that it's not for everyone, and a person has to be comfortable with turning over control to someone else.

I have construction loan on the current house I'm building and used similar strategy (land was purchased outright and used to cover majority of the down payment).

The free marketing is not effective in a competitive market neither is the marketing strategy.

Then, when you have a better grip on the neighborhoods and strategies that make sense, you can buy.

What’s your exit strategy if the partnership doesn’t perform as expected?

Maximizing cashflow becomes a strategy choice that accounts for your market and tenants.