I've always said the "easiest" part in real estate is to find, buy and renovate.Hardest part is to manage well, year after year.Took us 10+ years in the business before can finally say that we have a decent property management company.Always a work in progress but not chasing tail like we did in the first 3-4 years when we first started.I love Detroit along with the market prospects.Seems like something new is popping up every few months I visit.Much success and all the best 🙏👍

Work your tail off learning every aspect of the business.I've heard on the smaller places that don't have onsite management, that sometimes they have a person who kind of keeps an eye on things. 

Properly executed, an investment in these types of property can garner substantial passive losses, often equal to the amount of capital invested, or more, even in years where the benefit begins to sunset.A few words of caution: Be careful not to let the "tax tail" wag the dog.

It was a heck of a learning experience.Upon seeing the tail end of market FOMO, I tried to sell for $1.2M, and it didn't go.

Also, catching the tail of the rise after the 07-08 correction.

It started to feel like the tail was wagging the dog and I was only making investment decision to defer capital gains.  

My initial advice would be don't let the tax tail wag the dog - don't make any decisions too heavily based on saving you tax. 

Pain in the tail job?

I found out because I tried to do this myself.The homestead exclusion is cool but don't let the tax tail wag the dog when investing.

Work your tail off and you'll be surprised what that brings.