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?

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

Typically, I run a current income/expense column next to a ProForma column to show potential value add opporunties.I agree with @Robert. 

At that time, my friend encouraged me to get into real estate with the idea of creating passive income and wealth in future (via appreciation).

This is all depending on your credit and income meeting the guidelines of course.

Also do you have any info on him. i can dig up some info on him and then get an attorney to file a suit against him if oyu wanted to go that route. happy to assist in digging up info so you can give it to an attorney. note I am not an attorney but a note investor and good at finding stuff on the web

From experience, I’d recommend getting pre-approved, improving your debt-to-income ratio if needed, and researching local assistance programs.

Sometimes, there is also a tenant already in place which means you can start generating rental income from day one.

I made so much more income without them.