Did you ever pull the trigger on this Michael?

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

I have been lookin into pulling the trigger on deals in Detroit that are already occupied.  

Waiting a year might not be a bad idea versus pulling the trigger sooner and having to pay to refinance later.Also realize it may be tough starting off as a 17 year old.  

You need to make sure the policy/coverage you get is designed for this use and not a standard homeownes policy.The Lawyer and the town can give you an idea of the Modifications you may be required to make due to:- ADA compliance- Fire Code Compliance- other Laws/Ordiances that may be triggered when you move away from a Residential to a Commercial exposure

Then, when I found something that made sense pull the trigger.

As a listing agent, I let my seller know it can trigger the due on sale clause and they lose control of the home but still responsible for the mortgage if buyer doesn’t pay, so most aren’t interested unless it’s a special situation where they really need out and no real buyers out there.

You can try quit-claiming to an LLC after you close, but you risk the triggering the Due on Sale clause that nearly every mortgage has now.

What would YOU do if your PMC used an unlicensed and/or uninsured vendor and they caused a personal injury situation with a tenant that led a tenant to sue you?

I talk to people every day that are "waiting to see what happens" and "waiting for rates to come down", too many to count.People want to buy property but don't feel comfortable pulling the trigger now with so much uncertainty which has led us to having more inventory since 2010 in Austin.