A property qualifies as Homestead for this exemption if an eligible owner files a Principal Residence Exemption (PRE): https://www.michigan.gov/taxes/0,4676,7-238-43535_43539-210891--,00.html#:~:text=Section%20211.7cc%20and%20211.7,purposes%20up%20to%2018%20mills.Many investors have gotten an ugly surprise when they bought a property that was a primary residence of the seller for the last 20 years.

The seller will have reduced debt capacity because the existing note is still calculated as a debt - they MAY be able to include an offset equal to the buyer payments after a period of time, BUT often the seller is surprised to find they can not qualify to purchase another property3.

I'm actually surprised you managed to get a 9% ROI but I guess that's thanks to you being a good operator and getting 95% occupancy as a result.

I imagine you may be in for a surprise here in IL with how real estate is transacted.

Thorough inspections and budgeting upfront are critical to avoiding surprises during renovations.

@Tim Nelson Vendee appears to be back on and surprisingly a large number on VRMCO.

Surprisingly, it has nothing to do with the roof.

I am doing research on a mobile home property that I was surprised to find available in my small town.  

Lastly Jim I am surprised it took you this long :)  AS you know one of the main rules on BP is operators / sponsor etc are suppose to divulge that they are in business and not pretend they are something else and they do it by Omission .  

Based on my calculation, I was surprised to find that the IRR on a SFR was not as high as I expected, especially if held for the longer-term.I realize there is more to an investment than just the return.