the value added versus cost to add, especially in single family zoned areas, typically results in a large negative initial position.  

Again, it depends on the borrower's priorities (time / energy / fees / opportunity cost of finding new deals / etc)4.

. - I've had multiple vacancies, including one where the tenant left after a year and cost me $6k in turn costs.

Today it has good cash flow (~$6k/month using 49% expense ratio) and is up ~$1m above costs.  

Let me know what experience you have and what monthly cost you paid for these utilities. 

@Matthew McleanBigger Pockets is a great place to find an accountant specializing in real estate taxation.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.

As a NY'er what was important to me was 1. cost of market entry 2. price to rent ratio 3. 

Our contractor wasn’t prepped for the bespoke chaos, costs ballooned 20% over budget, and the timeline stretched from three months to eight.

Roll them all up and the averages are:purchase $154krenovate $47Ksell $232kThese are gross numbers, not including closing costs, borrowing costs, holding costs, licensing and permit costs, G&A, overhead, commissions, forward rate buy-downs, and lease-up fees, to name a few of the many expenses incurred. 

If you choose to set it up in Illinois (IL) and then file as a foreign entity in MI, you will end up paying two state filing fees, which unnecessarily increases your costs.