I understand it will be hard to match (if not impossible) the 10% yearly income and 5% appreciation of properties (those are my numbers).

@Mattin Hosh first, most cities in Metro Detroit have some type of rental property inspection every 2-3 years.It's not really a big deal 99% of the time - especially for owners who are NOT slumlords:)Also, a quick Google search will show that several states/cities are passing/considering similar legislation.One of the biggest mistakes we see newer investors making is NOT properly understanding Neighborhood/Property/Tenant Classes and naively assuming that any rental they buy will deliver Class A results.Read our copy & paste thoughts below and DM us if you'd like to dicuss more about the Detroit market:)-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

If your firend wants to stay in the place AND has the funds/income to do so, they need to refinance in their name ASAP (as part of the process), not 5 yeas from now, not if they remarry, not 10years from now.   

I also agree that there have been so many syndicators who's deals have dried up and they have resorted to teaching/mastermind as a source of income. 

A small multifamily property is a smart choice for a first investment—it offers a great balance of income potential and manageable scale for someone new to the space.Don’t worry about being ambitious; it’s clear you’ve done your homework, and you’re already ahead of the game by setting a clear goal.

The intent of getting a sales agent license is to educate myself in Real Estate and create some additional income.

@Ezra Avery you might want to read below to understand Classes of Property/Tenants.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Renting part of the home after conversion provides additional income and deductions.This post does not create a CPA-Client relationship.

Start by deepening your understanding of CRE fundamentals, including net operating income (NOI), cap rates, and lease structures like triple net (NNN).

With “very little income” where is this $8k/mo coming from?