What do you think about investing in Detroit, such as buying a house, repairing it and renting it out?

Additionally, have a clear budget, factoring in potential repair costs, and ensure you understand the rules about earnest money deposits and closing deadlines.LLC for Real Estate Investing: Forming an LLC for rental properties can offer liability protection and may provide tax advantages, though the tax benefits are non-existence for rentals.

Set aside reserves for unexpected repairs or vacancies.

Quote from @Neeta Agrawal: For context, we gave the tenant a 60-day notice for non upkeep and no repair communication in 2023 and then extended it for 30 days upon his realtor's request, setting the move-out for May 31, 2023.

I perhaps naively went ahead with the registration and inspection after completing purchase of the home, and wound up with a hefty repairs bill of around 3k.

If you think about the time it takes you to clean up and repair.

If you buy real estate, you will spend hours and days and weeks and months of your life dealing with it… Home repairs, guests,… An investment really has to be pretty amazing to sacrifice all that time for itThe houses I own I bought many years ago at dirt cheap prices and dirt cheap mortgage rates.

(Foundation, etc)4) Black mold, asbestos, lead paint, other other costly repairs. 5) It need significant cosmetic repairs where the purchase price just isn't worth it. 6) They may have an odd layout of the rooms. 7) Non-compliant septic.8) Trouble with permits or tenants9) Listing agent has a poor or incorrect listing.

I feel like marking up repairs is paying twice.

It couldn't hurt to call a couple attorneys right away to see what they say in terms of cost and suggestions for dealing with this quickly.In terms of mitigating any legal issues with your tenant be sure you are documenting every conversation you have had with the HOA in terms of asking them to make the necessary repairs.