Not just location, but different states can have different (sometimes weird) rules like here in Texas where you need a manual third party "attorney review' on every loan doc set - adds about $100 to each doc cost that doesn't apply in most states

Two things-your renter's insurance is unlikely to cover the damage as it was deliberate. 

Non performing notes have two different possible outcomes.

Here are two lessons: The property was about an hour away and at the time I worked for an employer full time, so it was hard to get over there each weekend to work on it.

When QIs get involved There is generally already a realtor or two involved. 

Pay special attention to #4 and #5.An LLC is useful for two things: anonymity and legal protection.

Simply buy a property every year or two if you can.

Since you have lived in the property for two out of the previous five years you could take the first $500k of the gain tax free (as a married couple).

Restaurants in the immediate area would definitely depend on one's taste, however, its about 12 min to ferndale, 15-18min to Royal oak, so between Downtown Detroit and those other two places one would have solid options

However, if you have a more extensive portfolio or plan to become larger in the next year or two, I would look for a double-entry system that allows bank reconciliations.