I did not want to simply rely on one source so I figured there are people here that would be up-to-date if such a manner was so as well. 

@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?

This figure includes allowances for heat, electric and any other utility that the tenat is required to pay and this is deducted from the FMR. 

But since i rarely held more than a year all the others got paid off quickly so I did not have to do all the hidden tricks to try to fool the bank or well not fool the bank or servicer but make it harder for them to figure out I was now the owner. 

It may not be worth using an LLC on your first one.As for the calculations, just put the numbers in a spreadsheet and figure out which option costs you more.

All the partners must agree to make the choice, and the partners must be able to figure their own taxable income without figuring the partnership's income.  

If you can’t do a 1031 to a non-income tax state, figure out a year when you will have lower income and tax rates ar as low as possible.

I would make you rue the day you collected that $50K assignment fee, which rightfully belonged to my family member, and I probably have a good shot at figuring out some place where you screwed up, or misled. 

As someone who grew up ridiculously poor, I have more wealth than I probably ever figured on having.

You could have used that $8800 to possibly have partnered with someone locally that is already doing the subject to deals to figure it out first hand.