I usually advise folks moving to a new area to rent for awhile to get the lay of the land.

Specific technical issue that triggered this post.

In my state the standard contract used by realtors addresses this issue by allowing the agent to check a box specifically to limit the seller to keeping the EMD as opposed to going after "liquidated damages" like that.

Specifically interested in the Detroit area as well.  

So, you go over budget FAST.So, your Scope of Work (SOW) MUST be very specific as Mr Perez learned when contractor didn't put in new outlets.To "perfect" your SOW, suggest you walk the property with 3 contractors and ask them what needs to be done.

@Jeff Shaver There is no specific statutory time frame before you can do a cash out refi after completing a 1031 exchange.

Midtown refers to a specific area and it's quite desirable. 1/1 MTRs would do well here IMO.

Some insurance companies offer policies specifically designed for owner-occupied multifamily properties, so it’s worth asking about that option.The key is ensuring both your personal residence and the rental unit are adequately covered.

Many cost segregation study professionals will offer you a free quote on the cost of the cost seg study specific to your property as well as the potential tax savings.HOW LONG DOES A COST SEGREGATION STUDY TAKE?

I’ve worked for some group home providers where they employ a maintenance worker who handles some of these issues (usually if the have multiple homes in a specific geographic location) and I’ve worked for homes where the handiest employee fixes things and that option doesn’t always have the best outcomes.