Department of Housing and Urban Development (HUD) Secretary has brought renewed attention to a long-debated policy move: the potential privatization of Fannie Mae and Freddie Mac.

But it doesn't seem to be riskier and more doomed to fail than BRRRR and other types of long term holding/land lording.  

Written policies are necessary when you add employees to aid with training or enforcement of standards.I would focus on adding doors to your management company.

My only question is what took me so long to hire the bookkeeper?

Southwestern Michigan offers plenty of charm and is a destination place but would definitely make sure your ROI makes sense based on your long- and short-term goals with the property.

This would depend on loan purpose and how long you plan to hold it.  

But I think they may still beat SFR in terms of cash flow there. 

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

It's not going to play out exactly like you hopedIf you have that mindset, not only will you have realistic expectations, but you'll create success over the long term.

I'll be looking for long term rentals that don't need any major repairs initially.