Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

Akku, solid move getting into real estate early.

For our last single family residence we had a young married couple move in with a brother, all three applied.  

Then you can house hack the rest of the it and then consider moving out later on.

Leveraging financing to acquire multiple properties is a smart move for long-term wealth building. 

Quote from @John McCarthy: The standard answer is 60 Days, however, your lease should specifically state what your terms are that you both agreed upon when the tenant moved in.

Look back and evaluate good moves, bad moves.

Neighborhood revitalization projects, major corporate investments, and an influx of small businesses were all happening at a pace that made it clear the city is on an upward trajectory.From an investor’s perspective, Detroit offers a unique combination of affordability and opportunity.

When a lease ends they’ll suggest new rents and if the tenant hold be offered a renewal. some will offer to transfer utilities for you when it goes vacant, all should handle the transfer when a tenant moves in  With 10 properties I don’t “talk” to my PM more than 2-3 times a year.

However, anything that impacts functionality like plumbing, HVAC, or safety issues should be handled before listing to avoid turning off potential renters/buyers.If you’re re planning to lease it, tenants will expect everything to be move-in ready before signing.