Unfortunately, each state has its own laws and regulations that govern when an eviction can take place, so what is applicable in Texas, for example, might not work in California.

But who knows what the market will do in the future - I don't think things will climb like they did before due to the government regulations, but who knows.I just hate the idea of all that equity sitting around in the property and not doing anything with it.I should mention that if purchasing a 2nd income property would only be slightly better on paper over paying off the existing mortgage, that I'd prefer to pay off the mortgage as it's less stress, and I have medical issues so I like to live as stress-free as possible.Thank you guys - BiggerPockets was the main reason I purchased the first property.

It didn't cash flow for the first two years (~$150/month), but the appreciation is awesome.With condos you are trading off building/outside maintenance for HOA fees + regulation.

Exact information we don't have, as well as difference in state real estate laws and regulations might result in bad advice.  

I am asking this because, where I live, this is not an issue and I am not quite sure how to deal with this properly and how are the regulations in Detroit for this specific issue in terms of who should pay for this.Also, if anyone could recommend a pest control service in the area for this and/or how much they normally cost, it would be much appreciated.Thanks to all!

If the policy contains the following:‘‘This policy meets thedefinition of private flood insurancecontained in 42 U.S.C. 4012a(b)(7) andthe corresponding regulation.’’

As mentioned above, check the regulations. 

Low ReturnsIt's very hard to discern because of the sheer amount of noise in markets (international trade development, explosive technological advancements, changing demographics, change in geopolitical circumstances, change in banking regulations), but the US economy has been fundamentally weakening over the last fifty years. 

STRs run a very high Op Ex ratio so be sure to not over leverage and make sure it can easily pivot to an LTR (and still cashflow) should regulations or other black swan events arise down the road.

As I’m sure many reading this are aware of (it was news to me), there are regulations against selling a property via FHA prior to 90 days of ownership.