A couple of things I like to tell my newbies-Owning a short-term rental property can offer significant financial benefits.

Investment Info:

Single-family residence fix & flip investment in Success.

Purchase price: $55,000

Cash invested: $25,000

Sale price: $119,000

Bought at around $50k
Fixed up at around $20k
So...

@Mattin Hosh first, most cities in Metro Detroit have some type of rental property inspection every 2-3 years.It's not really a big deal 99% of the time - especially for owners who are NOT slumlords:)Also, a quick Google search will show that several states/cities are passing/considering similar legislation.One of the biggest mistakes we see newer investors making is NOT properly understanding Neighborhood/Property/Tenant Classes and naively assuming that any rental they buy will deliver Class A results.Read our copy & paste thoughts below and DM us if you'd like to dicuss more about the Detroit market:)-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Properties don't define the market, the market defines the properties. 

I have purchased many properties without a tenant in place.

@Janine Sharma The decision to classify your onsite mobile home park property manager as a W-2 employee or a 1099 contractor depends on the degree of control you have over their work.

I imagine people who've had 2nd or 3rd houses in hollywood hills are not interested in rebuilding or doing the work.  How do I go about finding those who'd rather just collect the insurance money then sell it off at a...

The property is in Georgia, and the current rent is $950.00 for the property.  

I own several out of state properties.

I am saying "EACH" llc - because, perhaps setting up just ONE llc for the property management side for all properties.