I was two signatures away from making a huge financial mistake that would cost me hundreds of thousands of dollars for the rest of my life, or cancel and lose everything, but I researched and found out everything they failed to inform me of. 

@Katie BustosMetro Detroit (my rental portfolio is here)Purchase: $80k-$130kRent: $1200-$1500ROI: Double DigitCash flow: couple hundred/monthAppreciation: Double digit (for past 10 years, will gladly send data)Location: C, B- (suburbs and certain markets)We have over a dozen Fortune 500 companies just in Metro Detroit with huge Healthcare and Auto industries.

Just one bad toilet can add hundreds of dollars to your bill every month.The trick is finding the bad actors.

You will be competing with the hundreds (maybe thousands) of folks looking for affordable housing because SFH values have skyrocketed.

That would allow the parcel to be annexed, zoned R5 mixed use, and could support hundreds of units.

Really, if your a couple of hundred dollars off, over the course of 12 months, it won't be that much of a game changer for you. 

These are the locations that everyone thinks about when they are looking to invest into strs.Pros:Established rules and regulations Tourism Driven markets so they won't ban Airbnbseasy to find cleaners, handymen, managers,etcCons:Highly competitive. hundred of listing to choose from and more are comingEveryone wants to look there for STRs so the price is skyrocketing lowering returnsNew money means new renovations, will this mean 5 yrs down the line you will have to do a lot of work to update?

Can you give the tennant proper notice (this changed last year) of a rent increase to market rate or market plus a couple hundred dollars to deal with the hassle?

I mean, I have been doing this for 20 years and I can get within a few hundred on most homes for my local area but ask me to do that for another state and I am lost. 

Although you do have to occupy the property for at least 1 year (if you're putting down less than 20%), that 1 year of project management and property management experience can be worth tens/hundreds of thousands of dollars!