We're looking for buy-and-hold long term rental properties that need minimal rehab work to be rent-ready.If anyone has any banking recommendations in Michigan I'd love to hear them.

It would be a long term rental.

You can make minor adjustments based on the type of appliances (dishwasher, clothes washer and dryer, air conditioning, etc.) and the size of the rental.

If someone was building their home new (or major reno) for the first 5 months of the year and then places the property into service in June, does the first 5 months of contractor work (building the new home) count towards the calculations or does the timeline only start after the home is put into rental service?

I agree with with Jordan that long-term your time is probably better spent focusing on residential sales especially with your goal to own multiple rental properties one day.

My name is Al and I’m a newbie investor looking to learn as much as possible so that I can purchase my first rental.

Was able to BRRR with very little money left in the deal after refinance, Found renters and now have a cash flowing rental with a decent chunk of equity available.

I don’t have months and months of rental income but I’m now forecasted to make I believe part of the requirement for the loan was that you occupy the property for the first year.

Second home purchase may not also work since you can't use any rental income from the property to help offset the mortgage debt.

Here’s a 10-step process to get started with out-of-state real estate investing:Research and Select a Market:Identify markets with strong economic fundamentals, job growth, population growth, and potential for real estate appreciation.Consider factors like rental demand, vacancy rates, and local landlord-tenant laws.