High-end properties might require a white-glove approach with customized services, while more modest properties may prioritize affordability and efficient communication.

As we move into 2025, these trends are shaping how we approach renovations:Open Floor Plans with Purpose: Open concepts remain a top priority, but it’s no longer just about tearing down walls.

But if you want to use a conservative approach and use the extra cash flow to pay off debt versus further investing, I think that's a very legitimate way to go about it.

I will explore the JV approach.

We run a free predictive analysis for anyone that wants one to see if it even makes sense for them and approach it in a consultative manner and we welcome our clients to have their CPA's join the conversation.I'm not an expert in this field, yet.

One common approach is to form a legal entity, such as an LLC, where both of you are equal partners.

This approach will allow you to focus on the financial benefits rather than the day-to-day operational tasks.Additionally, consider how this rental income will contribute to your overall financial picture.

2025 is approaching fast, and I know many of us have already started our business planning for the year ahead.

Here’s how you could approach this:Set Clear Criteria: Use objective criteria (e.g., income, credit score, rental history) to evaluate applications in the order they are received.Notify Applicants: Let each applicant know you will process applications sequentially and explain your timeline for review.Act Promptly: If the first applicant meets your criteria, move forward with their application and provide them with a clear deadline to sign the lease and pay the deposit.Move to the Next: Only if the first applicant does not meet the criteria or declines the lease should you proceed to the next application.By focusing on one application at a time, you simplify the process, maintain transparency, and mitigate any potential fair housing concerns.Lastly, since housing laws can vary by location, double-check Arizona’s landlord-tenant regulations to ensure compliance with any local rules about how applications are handled.Best of luck with your rental process!

That said, Detroit is very much a block-by-block market, so understanding the dynamics of specific areas is critical.For professional investors (and even newer ones), Detroit’s future is bright if you approach it with the right strategy, solid due diligence, and an understanding of the challenges.