Although slightly below the national average, future growth seems likely for many reasons: corporate expansion, the low cost of doing business, and the high demand for STEM-related occupations.Population GrowthSo, with a growing economy and strong job growth, Metro Tampa Bay is experiencing healthy population growth.A convergence of activity that includes a visionary government, an accessible airport, and a diverse community has transformed Tampa into one of the most highly desirable and popular metros in America.

We still have a healthy (non-REI) income that could be used to support underperforming assets in the event of an REI apocalypse. 

If you have healthy equity then a LLC will protect your assets. 

I would thank the brokers for not lending to you at this point, pay down your debt, and invest when your debt to income ratio is healthy again.

Inventory is at 3mos (healthy mkt 6mos).  

This is healthy.  

http://www.grbj.com/articles/78674-grand-rapids-ho...http://www.crainsdetroit.com/article/20150607/NEWS/306079987/planners-seek-to-make-grand-rapids-medical-mile-a-healthy-place-tohttp://fox17online.com/2015/03/17/grand-rapids-rental-vacancy-rates-lowest-in-country/http://mibiz.com/item/22318-grand-rapids-said-to-have-lowest-rental-vacancy-in-the-countryhttp://www.michigan.org/blog/guest-blogger/three-reasons-why-grand-rapids-is-beer-city-usa/

I don't see the job market and hence, the healthy techie incomes disappearing anytime soon. 

You will find some great people with great skills and cut out the overhead and healthy profit margin of the big retail operations.Word of advice, rehab the systems first (hvac, electrical, water, sewer) then the drywall, then paint, then cabinets and counters, then flooring, then worry about the appliances last.

So, if you find houses where the rents give you a very healthy cashflow before you're even thinking of being underwater, you will be fine.