As I understand, landlords there cannot charge application fees, security deposits and evictions are VERY challenging.Have communicated with several PMCs and investors in Ohio market and not aware of any real differences from Michigan. 

The fees and rate are generally higher on DSCR loans. 

I'll save you the details but...Per door cost: $63,300All in Cost: 700kTotal Revenue: 137k(ish) annuallyNOI: 65-73% (in the expenses we included: insurance, taxes, $75/month per door repair expense, management fee 8%, grass cutting, & a misc fund for random crap business license, etc.)Now...

I just go in at the first of every month and code each line item to the corresponding property and note what the expense was for (Repair, HOA Fee, Mortgage payment, etc).

It happened to coincide with Hurrican Harvey and we flooded during the rehab. 212 extended the HM loan without any extra fees for 4 months until December 31 2017.

Commercial buildings use triple net , and those costs get passed on to the tenants thru CAM fees . 

What costs/fees should I look out for?

I do not think it would cost too much to tone it down howeverI got a $10k quote (minus fees) from an interior decorator recently to redesign.

These platforms typically have billing policies where you pay a per unit fee per month to the software and you get regular updates and support each month.There are a number of low-cost platforms available that are able to offer you a lower price by passing along some of the costs to your tenants (payment processing fees, applications, tenant screening, etc).

If you decide to operate one outside of their desired areas, they will come after you with hefty fines.