Consider not just the purchase price but also renovation costs, property management fees, and local rental rates.Consider the Property Management Aspect: If you’re not planning to manage the properties yourself, finding a reputable property management company is essential to ensure smooth operations.Stay Updated on Local Regulations: Familiarize yourself with rental laws and regulations in Detroit to avoid any potential issues down the line.Feel free to ask any questions as you continue your journey.

Would give me practice to rent it once I move out etc. 

Maybe a family in your area has a relative that would like to rent nearby but who doesn't think now is a good time to buy in this current housing market.You might even find someone who likes to target practice if that's a safe activity in your area. 

It's quite ironic when you think that Tulum has regulations preventing from building more than 3 to 4 story highs and from building on 40% on any buildable lot.

Prior to syndicating deals, I worked for a commercial real estate investor in NYC for 14 years and gained a lot of knowledge and practical experience while in that role. 

What are the best practices for quickly securing reliable tenants and ensuring positive cash flow, especially for someone new to this?

Networking is always a great practice and you never know who you might meet there and what good information they have to share.

Are there extra steps or regulations I should know about?

@Josh LemonsThey have a regulation A offering which is open to accredited and non accredited investorsThe great thing is they have to submit their offering circular and have it qualified by SEC as well as submit financial information etc.All this means is the information is readily available and if you do not understand it then I recommend engaging an attorney who can interpret it.

I'm sure there are agents and investors with deeper insights, but for most of us, a consistent, long-term approach—similar to dollar-cost averaging when investing in index funds—seems like the most practical strategy.That being said, I am also interested to hear what others have to say though, so thank you for the post!