Consider not just the purchase price but also renovation costs, property management fees, and local rental rates.Consider the Property Management Aspect: If you’re not planning to manage the properties yourself, finding a reputable property management company is essential to ensure smooth operations.Stay Updated on Local Regulations: Familiarize yourself with rental laws and regulations in Detroit to avoid any potential issues down the line.Feel free to ask any questions as you continue your journey.

They’ll also handle all the paperwork for you.

You're essentially subsidizing your tenant to the tune of $15,000 a year.

The paperwork was legitimate, what they used the money for was not.   

Managing 138 doors as a property manager in my 9 to 5, I can say, I have a lot more paperwork and hoops to jump through to get a S8 tenant approved.

The culture component is ESSENTIAL!

However, it's essential to fully comprehend the terms and conditions and carefully estimate cash flow, factoring in potential market fluctuations.FHA Loan and Work History:Waiting for another year to establish a two-year work history for better FHA loan approval terms is a patient strategy.

Educating investors about market conditions is essential.

At a high level, this is generally the path people take - we see a lot of people have success in this route - start building the portfolio with banks, low down payments, and then **generally** when you hit around 5 or so properties - it starts to make sense to switch over to LLCs, its too hard to qualify/deal with paperwork of banks and switch towards private lenders like DSCR Loans - (LLC friendly, easier) to scale past 5 or so.

However, you’ll need to handle all the paperwork, figure out which forms to file, and stay on top of compliance requirements like annual reports.