Details:*Willing to spend ~$180k; Prepared to put 20% down on a Grand Rapids rental property*Not seeking a fixer*Will need to hire a property management company Goals: The obvious: passive incomeDuplex, triplex or single family w guest unitPurchase a home with tenants already occupying and generating rental income Top-of-mind concerns:*Winters in MI wear and tear on roof, pipes*Cost of property management, costs to heatTenant selection, How-to from Los Angeles to MI*Offer / escrow process How-to from Los Angeles to MI

Im really not concerned about this house but if we do more flipping in the future is this an actual concern?

My only concern there is that I do not see many listings for MF in that area and the ones I do see are very expensive.  

Therefore, if I'm looking to acquire a mutli-family property using residential loan terms and interest rates, my only option would be a duplex - and I am concerned that the cashflow on a duplex would not suffice to cover expenses and mortgage payments, especially given that I will be occupying one of the units to obtain the loan and 'house hack'.

When you structure a lease and option transaction with a potential buyer, you become a landlord as far as the "lease" side of the deal is concerned. 

Regarding what kind of cash-flow or ratios you need to retire and your concerns with future CapX, you should also plan ahead to have a reserve in the bank to handle the unexpected stuff.

Stay on top of them to be sure they're not trashing your place and put them on MTM and the minute they are late, cancel their lease and get them out.We have higher end properties where I would never do that because they could stiff us for more money, but for the lower end ones, yeah, we'll do it.My only concern with dancer applicants is generally the kind of people they hang around, and the potential for visitors that are unwelcome or causing trouble at the property.

I believe one of my biggest concerns is investing while not living locally (although I do visit quite often) back home.  

My concern was twofold: First, you lose the ability to do the final walk through, because you have 60 days of not knowing what they're doing to your place.

The 1st time I heard this I wasn't concerned since talented people get recruited away with better opportunities.