The key is understanding your risk tolerance, time commitment, and financial goals to find the right balance.

Aside from strategy you must understand how to underwrite a deal. 

That being said it’s worth understanding what’s working locally as your next step varies jurisdiction to jurisdiction.

@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?

Otherwise, I'd say watch those areas closer to Micron understanding the barrier to entry will be significantly higher in exchange for the lower risk.

I absolutely understand your point.

So I'm understanding this correctly, did you do a cash out refi on your primary residence then took that money and paid off the rental in Dallas.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

In a city like Philly, you will face many challenges - you need to learn the market and know the neighborhood and the block and make sure all of your numbers are within reason, you need very reliable contractors, you need a to understand the permit process, you need to be familiar with market expectations. 

I guess I dont understand what you asking.are you asking can a buyer cash out your equity and just take over your seller financed loan.