Even though it did not go as planned and we turned out to not be profitable, I think it's just as important to talk about our failures as much as our successes.

Hotel/Motel, Condo, Apartments all have had substantial rates because a lot of companies have either stopped writing the business or non-renewed it and the companies that will still write it have to take premium because of the risk they're taking on.I know that doesn't help you at all but my advice would be if you have an independent agent who you trust and like and believe they're doing the best they can for you stick with them and let them work all the markets for you.

Investing in real estate out of state can be a profitable venture, but it requires careful planning and execution to minimize risks and maximize returns.

How are you planning to finance the purchase? 

If you are married to your partner (spouse) it’s a little different, but business partnerships can be more challenging - especially when things aren’t going well.  

I am super supportive of legal marijuana use, just not when it negatively impacts my other tenants and business.

I Know I can get an LLC online, but do I need a business license or should I get one if I'll be managing the rental units?

., I planned for around $15,000 in basic repairs up front, with another $5,000 per unit for upgrades when the units turned over.

As long as your friend has no business or family relationship with you, you have possibly started a correct 1031 exchange. 

The site asked for a physical address to do business within Michigan.