I am also going to required annual increases in rent based on the CPI index, among a few other things.Does anyone have experience with this?

I've also built and seen others build a lot of equity in that time.Purchase: $80k-$130kRent: $1100-$1500 (no rent control in MI)1% rule: 1%-1.4% rule dealsROI: 10-14%Cash flow: $150-$300/door (after all expenses and budgeting for maint, capex, vacancy)Appreciation: 3-10%+ (has been double digit for a decade)Location: C+, B-These numbers are based on the "sweet spot" in Metro Detroit.

can put the property under due diligence and check with the county if its possible to get a variance for the multi and settle based upon that contingency 

Choose your investments based on their growth potential and their risk.

The rent should be based on market conditions and the amount of money you need to collect for your business to remain viable and profitable at a level you are comfortable with.

Base your decision more on the numbers and don't worry as much about what type of property it is.Here are my random thoughts/recommendations for multi units vs SFRs:For multi units, stick with studios. 1bed, or 2bed units.  

We just chose decor that fit the idea of a nice lake house.Sometimes a place can just design itself based on location.

The PP is around $72k but current value range is around $140k+ based on recent comps (not a lot in the area though). 

They can help navigate challenges, identify market opportunities, and offer sound advice based on their own successes and failures.Risk Mitigation: Sharing the risk with other investors can reduce your exposure and help protect your assets.

Cap rates offer a valuation based on a single year's NOI, while discount rates consider the property's entire income-generating potential over a specified period.