Mostly worried that even if I find a place and the money, that I'll be making a big financial mistake and have little left to cover unexpected costs.

A property qualifies as Homestead for this exemption if an eligible owner files a Principal Residence Exemption (PRE): https://www.michigan.gov/taxes/0,4676,7-238-43535_43539-210891--,00.html#:~:text=Section%20211.7cc%20and%20211.7,purposes%20up%20to%2018%20mills.Many investors have gotten an ugly surprise when they bought a property that was a primary residence of the seller for the last 20 years.

Be prepared for unexpected expenses by building up a reserve fund and being flexible with your options.

The seller will have reduced debt capacity because the existing note is still calculated as a debt - they MAY be able to include an offset equal to the buyer payments after a period of time, BUT often the seller is surprised to find they can not qualify to purchase another property3.

Flexibility and persistence are key when navigating unexpected obstacles in real estate development.

Flexibility and persistence are key when navigating unexpected obstacles in real estate development.

Saving up a down payment will give you more flexibility and a buffer for unexpected costs.

If you’re targting properties in historic areas like Lincoln Park, be sure to budget for unexpected maintenance expenses, as older buildings often require more upkeep.Incorporating 1031 Exchange StrategiesIf you’re looking to scale your investment or defer capital gains from a previous property sale, consider utilizing a 1031 exchange.

I'm actually surprised you managed to get a 9% ROI but I guess that's thanks to you being a good operator and getting 95% occupancy as a result.

I’ll double-check with the lender to make sure there aren’t any unexpected conditions tied to it.