Quote from @Matt Smith: Quote from @Malek Bohsali: Where you're located, are you required to comply with today's standards for the entire home or only for the renovated parts of the property?

Pick 2-4 locations, get no more than about 6 deep in any but no less than 2 deep.

., you may loose legal liability protection in Illinois if you are investing in Illinois with an LLC located in Michigan and you'll be paying taxes to the two states in most cases. 

We sold 3 locations that had little debt on them with great cashflow, stayed heavy in cash, our stock return was only around 11% versus 25% since we went conservative, have two projects banks have already greenlighted with no downpayment on our part using cross collateralization with other properties- built in $2.5mm equity creation in 3 years in those projects, on hold for now.  .   

@Chris Seveney I for some reason recall when I lived up north in some locations heat went out and if it was longer than a specific peroid of time it would deem the unit uninhabitable - but I absolutely have been wrong in the past.

Detroit has a lot of real estate investor meetups that you can locate in the events forum here and on meetup dot com.

There are surely STR Facebook groups for this location.

And what state and town is it located in?

In regard to section 8, be careful with trying to get higher rents than market.Your best section 8 tenants aren’t stupid and are very sensitive to location.  

Here you are basically hitting it without needing to manage a property in another location.