To be honest most of it is learning on the fly as each property, tenant, and location is different.

@Adam GottRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

I didn't do my due diligence to learn about permitting before my contractor started work.  

Lessons learned?

I want to start this thread to get ideas, opinions and valuable tips on how to do it RIGHT.Lately I have been reading on this subject ,extensively , and trying to learn as much as I could.

Hi Wian, Welcome to the community- There are a lot of good professionals and resources here on bigger pockets to learn and grow. 

Would like to connect and learn more about investing in Detroit.Let me know if you have some time to connect.

I'm hoping to connect with some experienced folks in Northwest Indiana and here on BP to learn and build relationships. 

Quote from @Dario De Pasquale: Hi everyone,I am a small STR investor and in the past few years I have been investing in both stocks and real estatewith COC returns of about 20% for the past 3 years.I am considering diversifying my portfolio with LTR and I know that returns there are going to be a lot smaller.So I was curious to know if there was a rough formula that could include mortgage paydown, tax advantages, and estimated appreciationto be able to compare apples with apples.I am only familiar with Cashflow, CoC, Cap Ex, and IRR.Personally I look beyond those items when I invest in real estate.

Looking forward to connecting and learning from this amazing community!