@Marcos De la Cruz There's no hard & fast minimum - it's based on your personal return preferences...usually I recommend to my CFO clients that they make an annual somewhat higher than what they could get by investing in the stock market.

I will need a strong property manager to help me with the out of state management.

But I have a client with the same type of building and has a non-conforming basement that he uses as an Airbnb and hasn't had any issues with it. 

Make sure to ask for client referrals and interview more than one company in Flint.

For long-term planning, consider transferring the property into a trust to manage tax and legal complexities.This post does not create a CPA-Client relationship.

It sounds like you’ve set a strong foundation for your real estate investing journey, especially with the time you’ve spent educating yourself.

I strongly advise you to get your primary residence taken care of FIRST.

If you move to NYC, focus on maximizing your earning potential while investing in affordable out-of-state markets with strong rental demand, like San Antonio or Indianapolis.

You search for existing guides, select the best and provide the link or the document to your clients.

In our case, we used our CPA, who creates SD 401(k) plans for his clients, though I’m sure he obtains the boilerplate from a facilitator.