A notable sign of progress is that Detroit's population saw a slight uptick in 2023 according to the US Census—the first increase in nearly 70 years, which shows some positive momentum.I've found Detroit to be a good mix of cash flow and potential appreciation, but having a solid team on the ground is absolutely crucial.

Vetting a property management company is crucial for protecting your investment.

Real estate investors should look for off-market properties for a few reasons:Off-market prices can be negotiated better due to less competition.Lower competition, in general, equals a better chance of your offer winning.You can negotiate other, more favorable terms that aren’t always available on-market.Why Do Sellers Go Off-Market?

Know the Local Laws Inside and OutBefore anything else, it's crucial to research the local housing laws in your area.

Understanding local laws, tenant regulations, and tax implications is also crucial.

Financing will be key, and choosing the right mortgage is crucial, an FHA loan or something similar could be a good fit.

All attorneys are not created equal.

It's crucial to understand and follow local laws regarding deposits, documentation, and timelines.A local property manager I knew had a lot of questionable and shady practices, but the one that ultimately led to his downfall was poorly documented and unjustified security deposit reconciliations.

Keep in mind that tracking income, expenses, and hours meticulously is crucial for maximizing your tax benefits.

I think this is crucial.