Getting a rental license as an out-of-state investor is doable, but you’ll need to manage inspections and compliance.

A professional manager can find qualified tenants who respect your home and handle day-to-day issues.

Property managers and agents can be really helpful as well as they’ll give you insight into the market and could have some opportunities for you down the road.In the meantime, try researching the areas you're interested in.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I'm a lending manager with 120 loan officers under me and 2 of my great friends and colleagues specialize in manufactured lending The reason most lenders don't do them is because:1.

If numbers work and risks are manageable, this could be a solid house hack!

-Management is low - you'll need at least 10% plus leasing costs - typically a month's rent for each lease-up, and sometimes a renewal fee as well-Insurance seems low-Are taxes accurate? 

Hire a property management company who will manage it for you.

Managed and renovated entire triplex in a newly revitalized area.

I should net a good amount from a house I have for sale and I don’t really want to tap into my reserves right now.