Your best opportunities are going to be unlisted properties that need some fixing up.Look at foreclosure, Estates, tax sales.

I am debating liquidating a portion of my brokerage to pay down these properties to reduce risk.- Would you refi now or wait until rates drop? 

Cash out my investment account and pay the capital gains2.

You get a place to live in yourself, tenants/roommates pay your mortgage and help you build equity, and you can purchase it as a primary residence and potentially only have to put 3%-3.5% down since you would be a first time home buyer. 

In short, if you're not renting every week of July-August and every weekend of the winter, you're taking losses, particularly given the ridiculous prices I'm seeing new investors pay farther north in vacation areas like North Conway or the White Mountains.And looking solely at North Conway's recent court case is a red herring: plenty of small towns around the NH continue to enact knee-jerk reactions and excessive permitting/regulations as a reaction to STRs assumed role raising housing prices and shrinking supply for local residents.

You could end up paying holding costs like loan interest, property taxes, and maintenance for longer than expected, which can eat into your profits.Then there's the issue of selling for less than you expected.

Does anyone know the average rate that residents pay per month in MI to stay at a residential ALF?

This way instead of selling, paying taxes, you can borrow against it and invest again.

Yes, there are a lot of people who spend less than they make and have a surplus.There are others who are inheriting wealth from othersBut there is another subset that we often forget: those who have equity in their homes.Much of the equity has built up due to a runup in home values since 2020, which allows these people to use a HELOC to purchase a home for cash.When rates were low there was a group of people who were using Hard money to purchase and rehab buildings and then refinancing at the end this was the BRRR strategy.Hard Money is not an option these days since the cost of refinancing at the end of the project is too expensive.So when we see people paying cash, it is often pent-up savings and HELOC money that people use, and not as often Hard Money.

IE; If you are looking at a P/L for last August, but annual property taxes are due November, you are not getting a good "monthly" snapshot.If this is due diligence, you will also want to verify the data being placed into revenue and expense.