Birmingham’s market is diverse, with various areas offering different levels of potential and risk, so getting boots on the ground can be one of the best investments you make in terms of time and money.I’d be happy to connect and share more about what I’ve learned from my experience managing properties in this market. 

@Zach Denny Think of this in terms of riskiness.

It seems like location would be especially critical with pad-split (and similar systems), but I’d love to hear your thoughts on what to watch out for in terms of zoning, safety, or demand.Also, I’ve traditionally rented out units the regular way, so I’m curious how screening tenants works for you with the pad-split (and similar) model.

As for Alexandria specifically in terms of regulations don't take advice from a public forum - look up the laws yourself and make sure you understand them.

Your approach here has definitely given me a lot to think about in terms of spotting hidden value.Curious, with the deferred maintenance challenges you faced, was there anything unexpected that came up during the rehab that you’d approach differently next time?

I have some of the required funds in a HYSA, but will most likely need to draw from another account and I'm curious which method is the most efficient in terms of taxes/capital gains, penalties, loan repayments, etc.Based on my previous transactions in the market, I estimate ~$45k cash to close: $20k for the down payment, $15k for closing costs and prepaids, and $10k of starting reserves.

The rent-to-price ratios in many neighborhoods are strong, and the city’s population is finally growing again after decades of decline.One thing that stands out to me is Detroit’s median home price—around $95k—which is far below comparable cities of its size in terms of population.

Second, in terms of asset protection, LLCs are not invincible, but I think what many don’t understand is that they are not designed to completely shield your assets from liabilities, on the contrary they are designed to contain and isolate liabilities. 

The buyers and renters in that area, due to the low income, won't have any other options in terms of where they can live.  

I would echo most of the above in terms of screening process/flow.