I would think you should approach some local banks and see how they will handle your situation.

But southeast and midwest cities (not including Chicago or Miami or most of Florida) are your best bet I agree BRRRR are more challenging than prior to Q2 2022, but I do not agree with your premise as to what market is best. 

With that in mind, I’m considering purchasing four rental units over the next four years to build a stream of income that could help supplement my retirement by age 68.The challenge I’m facing is that the deals I’ve come across so far don’t make financial sense.

@James Zobrisky Relying on cash flow to fund future acquisitions is a challenging proposition.

It sounds like you navigated the challenges well and gained valuable lessons for your next venture.

They’ll help you identify the right areas, run the numbers, manage renovations, and handle leasing.Focus on neighborhoods with strong rental demand and properties that are undervalued / in need of manageable rehab.

Also, the whole point of hiring a PM is to handle tenant, maintenance, and rent collection, so if your partner isn’t actively managing but just supervising the PM, IMO not worth having a two people essentially looking over the same tasks.Contributing financially for one person and the other having no financial stake raises decision making questions, such as when to sell, how profits will be distributed, etc.

@Philip Beckwith typically in Michigan, you can only do a tax appeal in February.The instructions will be on the back of your winter tax bill.You will need to have great comparables to challenge the City Assessor's valuation.

Would any of you recommend a certain site that specifically handles formation of LLC for rental property?  

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?