Start by reading the Ultimate Real Estate Investing Guide: https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide/introduction2.

They will be able to guide you in the right direction and tell you if your project is feasible or not.From there, we hire outside consultants to take the plan through the approval process.

Please guide me on steps I can take to stop this madness.  

Make sure you get an experience realtor that can guide you through the leasing process, vette out any prospects, explain what your duties as a landlord are and what to expect, good bad and ugly.

This document will guide you in the event of disagreements (which will eventually happen).

Start by reading the Ultimate Real Estate Investing Guide: https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide/introduction2.

This will guide your deal criteria.

. 😜2) Courtesy of your state government: A Practical Guide for Tenants & Landlords - Michigan Legislature

Finish (find money i.e, renegotiate with lender, find a partner, HELOC etc.)Let your gut be guided by data and then move forward decisively! 

Start by reading the Ultimate Real Estate Investing Guide: https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide/introduction2.