We plan on starting renovations on the unit in X (I would say a date but in reality have a 2-3 month buffer), and based on this we are no longer going to be renting the unit out.

If you do it right, it’s arguably the best market to invest.Purchase: $80k-$130kRent: $1100-$1500 (no rent control in MI)1% rule: .9%-1.4% rule dealsCoc ROI: 4-12%Total ROI: 20-40%Cash flow: $50-$250/door (after all expenses and budgeting for maint, capex, vacancy)Appreciation: 3-10%+ (has been double digit for a decade)Location: C+, B-These numbers are based on the “sweet spot” in Metro Detroit.

I’m Dylan Fraembs, and I’m based in Long Island, New York.

Per this NY Times article, the average American knows around 600 people.https://www.nytimes.com/2013/02/19/science/the-average-american-knows-how-many-people.html#:~:text=The%20average%20American%20knows%20about,do%20you%20know%20named%20Kevin%3FPer the US Census Bureau, the average American moves 11.7 time in their life, which based upon an approximate lifespan of 84 years, works out to be about every 7 years.https://www.census.gov/topics/population/migration/guidance/calculating-migration-expectancy.html#:~:text=Using%202007%20ACS%20data%2C%20it,one%20move%20per%20single%20yearSo, if the average American knows 600 people and they each move about every 7 years, that means that the average American knows around 85 people that move in any given year.How many of those moves do you want to be involved in?

I used to listen to Joe's podcast.

For example, if the refi lender requires 6 months of seasoning so that the refi is based on LTV rather than LTC, then your HML will likely be 7 months...

It usually sinks in a lot more when I experience it versus just hearing it in a book or podcast.

Hard money is lending based on the hard asset and it doesn't speak well when the project is mid-process and now more money is needed to be able to finish it.

Based on your question, you have two core decisions to make, and they may conflict with one another - where do you want to live, and where do you want to invest? 

I am not based in Detroit and can not physically go the office.