Quote from @Marcus Ball: After struggling with local rehab properties in California, I switched to build-to-rent developers and chose a 1031 exchange.

If the LLC is the maker on the note, there's a good chance you'll be required to personally guarantee the note.

Variable income is SUPER hard since covid and no real way around that beyond showing an offer letter that states you get a minimum guaranteed hours, and you may need a payroll log to prove you never went below that number. 

Shortly after the crash my tenants learned that condo developers were renting out luxury apartments in the area for around the same rents I was charging so I was forced to lower rents. 1200/apt 2 1050/apt3. 

Begin with the end in mind and work backward to develop a roadmap for achieving your goals.

Currently, my strategy is to rent to section 8 tenants for the guaranteed income.

The area is rich in history and culture, and with ongoing investment and development in the neighborhood.

Not as much new construction as infill development, so rehabs and rentals will be the turn primarily.

It has a 90-day guarantee... seems worth a try with that in place. 

The population is officially growing again, and there’s been a lot of investment in infrastructure and development in recent years, which makes it unique compared to some other Midwest markets.One thing to keep in mind, though, is that Detroit is very much a block-by-block city.