Study what kind of properties sell, for how much, and what kind of tenants live there.Think with a 10year+ vision, but a decently sound property (not a 1900 single family conversion that is begging for a full gut rehab), and but in the RIGHT location. 

Quote from @Victor Patel: I’m not sure where your property is located, but it’s likely that you won’t be receiving rent anytime soon.

How valuable is this location in that market? 

Thoroughly analyze properties and locations to identify opportunities that align with your investment criteria.

I personally would not invest in detroit as historically its not a appreciating market and for cash flow and I invest primarily for appreciation - I go off the location location location mantra. 

@Greg ReeseMost small investors will benefit by having the LLC created in the state where the property is located at.Creating an LLC in a state like Nevada, Delaware, Wyoming may be better for the big players if items such as charging orders, business friendly case law, anonymity are important to you.However, be mindful that setting up LLC's in those states will add to your costs as you may have increased annual fees for annual LLC fees + registered agent fees.

I only have one STR I mostly do LTR but I know location and amenities are king. 

Hi there, I have linked the PM locator tool produced by NARPM which is an excellent place to start!

Once you go above $125k/unit you start to get into the high end areas that won't have very good rent/price ratios and are under the 1% rule mark for turnkey stuff.Neighborhood wise in the city the "East End" is where the most expensive real estate is since that's where the universities and a lot of the hospitals are located.

I tried to do a cash out or heloc on this house but it couldn't be done because of the price it was low. the house is located in Rockford il, planning to buy in Rockford as well since I live here.