It looks like people are doing them everywhere but walk ability is a big factor.

For those that own properties free and clear, or even those that are financing, do you factor property taxes into your formulas?

From landlords point of view, of course I want them to stay as renter forever, so they can help me to make money. 

I don't think you have anything to worry about California - ie, earthquakes.  3% net annual cash flow is pretty low but would be much higher if you factored in appreciation.  

That will be the biggest factor in determining seasonal demand up here.

I don't know much about Michigan other than i hear property taxes are high so you had better be factoring that into you plan! 

Factor it in, see if it is worth the costs.Con- Time- If you do plan on selling, get ready to be floored by how much there is to learn.

the lesser properties, or sellers with unrealistic expectations will last forever. 

Key factor is - what is it actually worth to YOU and YOUR DEAL.If you can't get it for the price you require - then pass on it and find another. 

“He who asks is a fool for five minutes, but he who does not ask remains a fool forever.”Sorry if it is coming off as Dumb or silly but I mainly ask questions to LEARN and engage with the community of investors My statement was playful, yes I would contact lawyer if I needed one.