Then you ask them to show you their kitchen, bathroom and one or two other rooms (basement or living room).

I funded him 2 grand.I got that back when his deal was done 9 days later……AND I made 4 grand on top for a 200% return.Sweet!

As I'd imagined, it seems like there are no hard-and-fast ways that a deal must be structured, but rather there is room for flexibility depending on the situation, and in any case consultation with experienced professionals at every level is key.

Getting them all I same room however would be an issue.  

. - some strategies I've seen California investors use to lessen negative cash flow: house hacking, mid-term rentals (people temporarily displaced from home renovation or insurance reasons like fire), rent by the room, Short Term Rentals. - The ultimate house hack, live in the small ADU unit and rent out the two levels of the main house on AirBnb in San Francisco (I would have thought STRs are oversaturated in S.F. but it worked for them and they stay fully booked).

If you want to buy another rental, then saving your money for that (assuming you have room to borrow more money) is probably the better idea.

Egress: Two methods of egress, typically a door and a window.Ceiling height: At least half of the room should have a ceiling height of 7 feet.

Listing at $2000 gives you room to accommodate voucher limits while still capturing the maximum rent possible.

I'm looking for some advice on investing in Michigan generally, and/or Grand Rapids, MI specifically. 

On the other hand, STR is a lot of work and with 3 kids you have to be realistic about how much time it will take to run and manage a 1 room hotel.