@John Kelly you definitely don't want to move this into an LLC and jeopardize your tax status.

Doubt this is the final version as the "smart" people in the city understand Detroit is coming back and needs to keep welcoming investment instead of putting up roadbloacks:)As many STR landlords have learned in other cities and in oversatuarated areas, it's always good to have a backup plan!

I am trying to do this the right way, so with this post I inquire for advice on getting started.

The main reason I'm asking this, is to understand how much cash I need to save up in reserves before pulling the trigger on a deal like this?

Always buff in the direction of the grain with a soft cloth to prevent further damage.

Check with other PMs in your  area to get a relevant percentage. 

If you do take on new debt or collections during this time, the lender will see and it will require that it be accounted for in your DTI (unless this is a DSCR loan). 

I have 5 years of real estate agent in Central Indiana.

Here are 10 tax tips every homeowner should know:1️⃣ Mortgage Interest Deduction: Deduct interest on loans up to $750K!

If you have a place in Nashville, it could be either and both.The larger the place, the more you are likely to cater to families.