Detroit can be a fantastic market with strong cash flow and good appreciation potential, but it’s definitely a unique place with its own quirks.Starting with cash is a smart move, especially in Detroit, where local knowledge and relationships can make a huge difference.

An LLC is potentially one minor factor that might contribute to the evidence that you are running your rental activity as a trade or business, but it's definitely not required that you have an LLC to qualify.

Laundromats are open to the public, and if the local neighborhood has a high crime rate and transient population, those can be potentially expensive problems that can affect your business.

Once could purchase the land (and potentially other land/real estate in the future).

Plus, Memphis has been seeing some positive neighborhood revitalization, which could lead to nice appreciation down the road.Of course, all the markets you’re considering—Dallas, Austin, Houston, Columbus, Cincinnati, Nashville, and Las Vegas—have their own unique advantages and potential.

Restrictions are placed to prevent potential buyers from acquiring those properties before they are disposed of by banks.

I just read a new ranking of market ratings and I was not a fan seeing MN ranked 99.9 out of 100 potential score.

With big benefit potential of possibly retaining "Graduated" persons who are now highly trained, proficient employees. 

I worked for a property management company that requires all potential tenants to check into the main office prior to showing as a means to provide a safe showing for the employees.

My strategy is to hold it long-term, leveraging the steady rental income while benefiting from potential appreciation.