If you are a doing an infill build-to-rent, that's fine, but in the current environment, it is very difficult to make any cashflow so its a 100% appreciation play.

But I'm attracted to the asset class, and the possibilities for scaling and financial independence.My time at my current job (almost 15 years of tenure) is winding to a close, and years ago I swore to myself that this would be the last time I would have "a boss".

Detroit has more to offer though:)Overall, your approach should be strategic and you should be targeting a specific Property Class (A, B, C, D).If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

As I explained, I’m using classes to track spending categories (landscaping, flooring, etc).

I'd just point out that it holds for other states as well.I would think in general states with less environment diversity would not have such extremes.    

Thankfully, and it's no coïncidence, the places where I end up investing are great for lifestyle.My pricing criteria eliminates Canada, Northern Europe and Oceania.My tourism criteria eliminates Africa.I eliminate Asia, including and up to the Middle East because, in most countries, foreign owners are treated second-class and that has serious implications from a risk point of view.

I cannot transfer to a self directed 401k as I am a special class that does not pay a penalty on my withdrawal even though I am only 51. 

The study identifies with forensic engineering detail the immediate Bonus Depreciation 5, 7 and 15-year personal property class lives qualifying portions of a building that are normally buried in 27.5 year residential or 39 year commercial categories.

Many Midwest cities still meet the 1% Rule - but, with Class C properties.

Specifically in the Class-B (20k-150k sq ft) assets.