But it's extremely common here for new folks to come on BP with broad stroke questions, without realizing the forum is a searchable database of scores of common questions with a plethora of answers already posted.Mike

The sooner you realize this the better off you will be.

Unfortunately very few who seek out these assets take the time to consider their exit and fail to realize they are the most costly assets to exit, let me explain why: Here's how that disposition process to an owner occupant looks: -You will incur turn over expenses associated with vacating the tenant in preparation of the sale -The natural buyer in this price point is the FHA buyer who will normally seek a 5-6% seller assist  -Passing a Section 8 inspection/preparing a home for a low income tenant is very different than the expectations of a home owner,   particularly the FHA buyer who cannot afford to take on any deferred maintenance.

realize that inspectors feel they must find something.- i suspect you will learn a lot.  

Which is where most fail when they realize how hard it will be.One of my favorite all-time sayings, "Actions always speak louder than words"!

*PS  Many people do not realize that the City of Detroit is a fairly small portion of Metro Detroit.

And then we have to realize that there are people who actually approve of all those things you mention....I know, how could anyone embrace those policies?

.: Cannot go back…but here are some things I wished I had known about sooner.I wished I had realized I could have gotten bank lending even without a regular W2 job.Understood DSCR better sooner.I wish there was a couple of houses I had not bought.There are some houses I wish I had not sold.Just all basic stuff that a person can’t go back in time machine and change.As time goes on, I probably would update this list several years out.

My goals include cash flow and appreciation and I realized there were other properties that better align with what I am trying to accomplish.

I realize that the unknown fears are what holds many people back in the landlording realm.