I grew up in the real estate industry watching my father raise money with a PPM for large multifamily value add projects and a developments.

You could list it on Airbnb, VRBO, furnished finder etc. and see how it goes while you watch the rental rates and decide if/when you want to sign longer leases. 

Third, put the money into an account temporarily for a few months, settle in, buy yourself a gallon of your favorite Ice Cream, pop on the boob tube and watch a couple of good movies.

After all, NO ONE will watch my 'babies' like I will!  

You need to watch this video from an attorney on why insurance is not the answer to protecting a property from a lawsuit.

You can oversee this aspect from the background but don't try to directly engage a GC from out of State without having someone tied to your success there to watch what's going on.

You can also usually count on rents increasing enough in around 5 years, so that you do cashflow.Of course you have to watch out for over-leveraging and going bust!

I like your lesson learned, but would just caution you to still watch tightly.

You can read more about it here: https://www.bridgemi.com/business-watch/what-michigan-can-le....Regardless of which market you choose to invest in, it's important to understand the area well and identify neighborhoods on the rise.

Watch out for ordnances and HOAs with this strategy.