$400,000 seems extremely high for a rental property.

Would you be able to give for information.Some question I might ask: Can you get access to the land or is it surrounded by other people property?

I do not believe I have mineral rights on any of the properties I own, but I share in mineral rights on property that I do not own and have active extraction and receive 2 monthly checks (different operators).  

It comes down to your goal for the property.

Occasionally I see rural properties I think would work well. 

I would think that MTR is same rent as LTR if the property is unfurnished so definitely confirm your numbers there. 

I'm looking to connect with like-minded investors in the Tri-County Michigan area who are focused on multifamily properties.

It only applies to residents living in Jerome Village so for investors, it would only apply to rental income from Jerome Village properties, not your entire portfolio or out-of-state income.

For our private lenders, we use people in our local real estate community.

I'm finally ready to take the plunge into real estate investing and am super interested in the potential of short-term and mid-term rentals.I'm drawn to the idea of creating passie income .Right now, I'm trying to narrow down my market ( North carolina and Texas)and learn the ins and outs of STR property analysis.