I know when I was an active Broker my SOP  was get listing open escrow with buyer to be determined and order the preliminary title report prior to spending money on marketing someones property..

I spend extra for the the supply house versions and rarely have issues during warranty period.

You're much better off spending that money on a conference like STR Wealth Con or something similar.

Little to no rehab/capex spending was needed.

@Jesse Streng Great that you want to invest in the Detroit area but I encourage you to come to the city and spend a weekend here to get a feel for the market.

I'm sure they also spend significantly more time on their role, than you do in yours....or at least their time spent is more constrained where yours can be remote/on the road. 

When he became the first relief pitcher in MLB to sign a $100k contract and asked what he was going to do with all that money (this was 1968) he said “ 90% I’m going to spend on wild women, Irish whiskey and good times; the other 10% I’m just going to throw away”.  

And as investors we should know this, but always anticipate higher costs and longer waits.EXAMPLE Breakdown of Costs:Plan Purchase: $1,500Permitting Fees: $2,500-7,500Site Preparation (grading, utilities, foundation): $20,000–$30,000ADUs require separate utility connections for water, electricity, and sewer but you can tap into existing utilities at the primary houseIn Raleigh you CANNOT split lots fee simple, so setting up completely separate utilities would not allow you to section off the ADU as of nowYour ADU must be on a permanent foundation (no wheels, no ability to move the structure)Construction (labor and materials): $100,000–$150,000Low-grade: $150–$180/sq ft averageMid-grade: $180–$220/sq ft averageHigh-end: $220–$250/sq ft averageLandscaping/Finishing Touches: $5,000Total Estimated Cost: $125,000–$200,000You could easily spend $200k+ with super end high finishes, custom designs, complicated sitework, adding a second story or more sqft, etc.

There are so many different wildlife creatures to see, that if you are an animal lover, you could spend months seeing new animals every day.  

Who wants to spend $100 to view a rental?