Hey Celine, from my understanding its very difficult to grow a portfolio of short term rentals using the BRRRR method as an out of state investor.

For the historic district, I would just make sure that you fully understand what requires approval and what that process looks like.

@Saul Clavijo make sure you understand you will be getting into Class C properties at those numbers.Food for though below, DM us to chat more about Detroit:--------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.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.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

A bit strange that you leased the commercial spaces knowing you would be pursuing a conversion but understand the objective of taking out your capital partner and I see in your follow up post the relocation language so you clearly thought through the transitional phase.

I understand that means paying the right professional for their services. 

It gives you better control over the process and helps you really understand the market.

I'm getting a contractor/ structural engineer to come by and help me draw estimates and understand how serious these issues are.

I’m self managing myself but the tax side of it is a little confusing to me but I’m recording everything involved as far as maintenance, traveling, expenses etc. just want to know what some people would do in my situation or what to I can benefit from come tax season  @Angelo LlamasI recommend that you find a real estate accountant to help you understand and prepare your taxes.Bigger Pockets is a great place to find a real estate tax accountant. 

I understand this can take a very long time.... 

They do not understand the paperwork and many of them are even good at selling real estate.