I've traditionally relied on an Excel sheet, but it's not always convenient when I'm away from my computer.I recently came across an online calculator that seems to provide detailed metrics, including Cap Rate, IRR, and others.

To keep things running well, think about getting a local company to manage the property, make local friends in the business, keep up with market changes, have a backup plan, make sure you have enough insurance, follow the local rules for renting out property, and keep some money aside for surprises.

Also, I second the meetup in Ypsilanti as it is very close to you and should be a convenient way to meet people face to face.

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

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

Well, to my surprise, the lady, I just spoken with was also going to the same event.

I'm assuming that the tenants are only finding out they the other is/is not on Section 8 from talking with each other, but I'd be surprised it tenants had an issue with another tenant because they are on Section 8.

You pretty much can't say anything to anyone without them getting bent, so it doesn't surprise me that there's more of them in the forums these days.

But don’t be surprised if the agreeable, meek, passive private lender turns into an over aggressive, unreasonable, terror when the first payment due is a couple days late.  

It is convenient, but it's an IRS audit flag having a $0 income "property."