before you spend another PMCs time. 

As a starting point: -If they work full time and make $700k a year -Don't want to or can't spend time self managing a short-term rental -Don't have a spouse who wants to take the lead on managing the rentals They are likely not going to directly reduce their taxable income with real estate year-to-year. 

That way if it goes over budget, you can rent it out to make up the money.

If you do it right, it’s arguably the best market to invest.Purchase: $80k-$130kRent: $1100-$1500 (no rent control in MI)1% rule: .9%-1.4% rule dealsCoc ROI: 5-12%Total ROI: 20-40%Cash flow: $50-$250/door (after all expenses and budgeting for maint, capex, vacancy)Appreciation: 3-10%+ (has been double digit for a decade)Location: C+, B-These numbers are based on the “sweet spot” in Metro Detroit.

With $150k here you’re just a little tight on budget but can make it happen if you self-manage and do your own furnishing and design.  

Expect to spend another ~$8K for that.If you are planning to close all-cash and bring enough cash with you for operating expenses and rehab, you are looking at a minimum capital raise of about $3M and that is for a cheap 32 unit.

Write it up to an education, spend some time sharpening your support team (particularly in the trades) and start thinking about how you can do it again!

Run your numbers based on youre required return given what youre likely to have to spend and the amount of headache, risk, and work you have to do.

There are a lot of options out there.Some of the most useful items BiggerPockets members have identified are features that save time so they can spend time working on their next property.

You can spend as little as $100 to form an LLC, or you could use an attorney and spend $1,000 or more.