If you buy in a location where prices and rents are increasing below the inflation rate, your income will be eroded over time by inflation, and you may have no choice but to decrease your standard of living over time.

The properties were a value add and need a lot of work to ensure they were up to what I would call suitable standards (something I would want to live in).

All states' building codes are based on the International Building Code, (including Michigan). 

Is that standard?? 

I live in Boston, a very competitive housing market, and it is a standard for real estate agencies to charge a 1 month's brokerage fee when you sign a lease for an apartment through them.

Assuming we close without incident, investors will get an 80% ROI over two years. 80% is not a typo.80% roi over 5 years (as per original plan) equates to 12.5% annual return, which is quite standard.

They are so very needed and can look just like stick-built with the front-end porches, especially, and are now built to general housing standards. 

It was extra difficult this year due to moving, selling houses, buying houses, starting the STRs, lots of remodel expenses (standard vs Cap) Gawd what a pain.

With International travel coming back along with Covid levels going down (hopefully it stays this way), I would think more optimistically.

That's why we have zoning laws, building permits, architectural standards, even eminent domain when the government can take possession of private property.