As of right now I do not have any living plans lined up for next year.

Live in one room, rent the other three for $2400-$3000.

Not here to pitch—just trying to refine the concept with insights from the people who live and breathe CRE development.

I am also a husband and father of two living in the St.

I can promise you that my first deal was TERRIBLE, but I lived at a reduced monthly cost to living than renting/buying a single family and that is what mattered. 

Raise fees on building permits, give tax credits on renovations.Suburban sprawl really hasn't been a good thing for the US.Of course, it's all about supply & demand.But, if you can figure out why more people want to live in Hazel Park (leading to teardowns & rebuilds) versus south Warren or Eastpointe (nothing happening) then you can make millions.

Yea, fire your boss and live off real estate.

It would also be much easier to manage considering you are currently living in Arlington.

The short version is that you want a strong and diverse job market, low unemployment rates, a growing population, low vacancy rates and new development, affordability/cost of living, real estate laws and court system, good schools, and low crime.Check out the videos from Dave Meyers with BiggerPockets.

In this instance, you would have been able to plan for challenges moving existing tenants out, run numbers based on the current rent they pay, learn how long you may have to fight to remove them if at all, and where you would live if you couldn't occupy one of the units right away.How did your home inspection go?