I live in San Diego and have 8 doors in Lansing MI. 

In Michigan, we've found a collection attorney that can handle everything.

Consider going out of state, I've been in Lansing, MI since 2013. 

Other states you can look into are Indiana and Michigan. 

@Chris Kittle where in Michigan do you plan to buy real estate?

. - Maintenance & Repair: 5% of total rent- Cap ex / utilities: 5% of total rent- Property management: 8~10% of total rent- Misc & reserve: 5% of total rentFull rent: 4800(rent) - 2600(PI) - 800(TI) - 1150(Expense) = $250/mOwner occupied: 3600(rent) - 2600(PI) - 800(TI) - 1150(Expense) = -$950/mOwner occupied & no PM: 3600(rent) - 2600(PI) - 800(TI) - 700(Expense) = -$400/m I thought it would be $0/m if owner occupied although $400/m for myfamily is low enough.

Things in Michigan are very different than California, I would guess. 

@Mac Boeve Michigan statute requires you to provide a MoveIn Checklist to every tenant, which they have 2 weeks to complete and return.If you fail to provide one to tenant, it may exempt them from MoveOut Damages.If tenant fails to provide you a completed MoveIn Checklist, they assume all MoveOut Damages.If tenant fails to give you forwarding address within 4 days of MoveOut, you technically don't have to give them an Itimized List of Damages - meaning you can theoretically charge them for anything, any price.You should know, a judge may disagree with you if tenant takes you to Small Claims Court to challenge your SD deducations. 

This is largely all profit since we're doing the build all-cash and no plans to refi.You may not have STR options in Berkeley but could you run it as a mi-term rental?

Indiana Dunes up near Lake Michigan.