finally someone with some knowledge 

I am new here just trying to learn and gain knowledge to start buying my own rentals 

It's an education that Harvard, Yale or Stanford can not provide and it's FREE! 

As a business, a judge will expect YOU to know all the laws and legal procedures.Make a minor mistake and the judge is unlikely to give you a break and may rule in the tenant's favor.The judge will see the tenant as a consumer and may give them a lot of leeway in court, even give them borderline legal advice.You are in over your head, not having the knowledge to properly handle this.

Coaching or mentorship in real estate investing can allow you to collapse time and "skip to the front of the line" by leveraging the experience and knowledge of those who have already achieved success in the industry.

I hope this helps and feel free to send me a message for any further questions.

I would think their loan documents give them the right to control the property after the original owner dies - regardless of who is living there (although I have no direct knowledge of the laws where you live).There are details we don't know here... like if you want the house for sentimental reasons, or because you see the value between what it's worth on the market today and what the reverse mortgage company wants for it?  

I agree with what others above said, that having a reliable, honest and knowledgeable team is the most important thing...more so than perhaps the location. 

Detroit can be a fantastic market with strong cash flow and good appreciation potential, but it’s definitely a unique place with its own quirks.Starting with cash is a smart move, especially in Detroit, where local knowledge and relationships can make a huge difference.

However, short term rentals are much less passive than long term rentals and are essentially a hospitality business, which is in and of itself required a whole additional layer of knowledge and expertise.With regard to your question about private lenders, it’s important to draw a distinction in terminology between “private” and “hard money.”