I’m happy to help and share what I’ve learned!

To clarify, in MN a person must be a licensed to perform at-charge Property Management services, for others, on a standard commerce basis. 

@Ryan Raven most states don't care if you screw up the management of real estate you own personally.The government does have a problem with an unlicensed person/company screwing up the management of properties they do not own.

The last one I say from personal experience.

I am new here just trying to learn and gain knowledge to start buying my own rentals 

Costs and Timeline: The process of splitting and developing lots can take time (1.5 years) and may involve significant costs for permits, construction, and other development fees.If you want to learn more about how SB-9 can work for situations like this, check out our website "CityStructure" for more info and helpful resources.

I have from time to time spoken with the city administrator, economic developer, & a person at building planning commission.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

It's always nice to get a personal referral. 

I’m just taking it one step at a time, learning as I go, and trying to set things up the right way from the start.