that is more a RV park. the MBH parks down here. we typically own the land, lot, and trailers. there is a reason but long story short, if i just own the lot and they dont pay the fee. i do not have the biggest teeth to push the need for my money. but if i own it all, my experience says it is a better path

And no matter what, keep an eye on how your financing structure lines up with your exit strategy.Where do you see the biggest risk.. sinking money into improvements or letting the buy back linger too long?

Efficiency Comes from Building the Right TeamOne of the biggest ways we’ve streamlined our business is by bringing everything in-house.

With that being said, the interest rate is going to be the single biggest determining factor for whether you're barely breaking even, or seeing a decent monthly cash flow.

@Mattin Hosh first, most cities in Metro Detroit have some type of rental property inspection every 2-3 years.It's not really a big deal 99% of the time - especially for owners who are NOT slumlords:)Also, a quick Google search will show that several states/cities are passing/considering similar legislation.One of the biggest mistakes we see newer investors making is NOT properly understanding Neighborhood/Property/Tenant Classes and naively assuming that any rental they buy will deliver Class A results.Read our copy & paste thoughts below and DM us if you'd like to dicuss more about the Detroit market:)-------------------------------------------------------------------------------------------------------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?

Vacancy hurts a bit more, but the biggest issue with renting out large homes is turnover cost.

If you asked right here on BP for anyone to connect with and share their experiences, I assure you that you could get some quality referrals.From there, your biggest concern will be discerning through all the advice! 

Your comment does bias me slightly in favor of Indy, since at least we're talking about a manageable car ride.That said, I'd love to know the biggest mistakes you've seen - how do neophytes typically "crash and burn?"

Biggest thing is cash position.  

or “What has been the biggest challenge for you as a new investor?”)