Is this even a legal thing under Michigan law that can own real estate, what are the risks, and what are the rewards compared to an LLC ownership (???).

Got a property in Michigan with no debt, has tenant - I normally use DSCR loans but loan costs and interest rates seem excessive right now.Spoke with all the local credit unions and banks none of them are willing to do a cash out under an LLC Questions are 1.

Hi BP members, I have not given much thought about liability protection until now, but I recently started reading books written by Garrett Sutton, and cannot help having questions. (1) Does Michigan afford charging order protection to single-member LLCs? 

Taking Bids on a property I have under contract in Bay City Michigan.

@Joseph Palakeel in Michigan, once you get your broker's license you MUST then also get an Associate Broker's license for the LLC/PMC.Most PMC's have 3 bank accounts, one for Operating (which all rents and expenses for properties are paid out of), a Security Deposit account (self-explanatory) and finally a Company account where your earned fees are transferred to and you pay Company expenses out of.You should join www.NARPM.com where you can get these & more questions aswered by fellow PMC's.

Quote from @Garfield M.: I cant tell by the post how many gas meters and eletric meters there are.

So, if you expect to own the house for a long time it is actually better to have MI because as mentioned above you have the opportunity to eventually drop the MI. 

They vent under the roof.We are in the Detroit MI area.

You'll need 20-25% down for most residential loans plus some cash reserves but you could put an offer in and then see if the seller would be open to a land contract (Michigan) for seller financing...it's worth a shot. 2) It looks like this property is a conversion into a 4 unit and those will always need cap ex to get them functioning well or else you will be doing a ton of maintenance calls and complaints from tenants vs. a multiplex built as that.

In Michigan, we call these 'Appraisal Guarantees' and they are very helpful when competing with other Buyers.