The rental is in really poor condition despite the 2011 original lease paperwork has a move-in checklist that documents that the place was in good condition throughout.We came to discovered at the beginning of 2024 that the main tenant had a guest living with him and they were no longer getting along.

Hopefully, this provides perspective.Keep in mindThe Fed started hiking rates in March 2022, and only stopped tightening in July 2023, having lifted short-term interest rates by 525 basis points or 5.25%.Average 30-yr mortgage rates started moving aggressively upward a bit earlier (in January 2022) and only peaked (at just over 8%) in October 2023.

For a house hacker, what is the term requirement for how long one has to live in one of the units before looking for the next deal?

I understand, this will work well long term if or when I begin investing in residential properties.

I like the idea of short/mid term rentals more then the long term...one big reason is not having to move all of his stuff...or at least being able to take my time.

Long term does not make much money, but less work.

It's the same everywhere.Just include in your offers a term that the seller pay your agent from their proceeds. 

If they don't vacate according to the lease term, eviction will need to be filed.

We're looking for buy-and-hold long term rental properties that need minimal rehab work to be rent-ready.If anyone has any banking recommendations in Michigan I'd love to hear them.

There is a genuine housing shortage of all kinds on the coast, long term rentals included.