This was done to protect senior citizens on fixed incomes from being forced to sell their homes due to unaffordable property tax increases.Since the passing of this amendment, all properties in Michigan have two property tax values associated with them:State Equalized Value (SEV): supposedly equal to 50% of the market value of a property, not based on recent sales price.Taxable Value: the SEV annually capped as long as there is not a transfer of ownership.City Assessors are charged with determining how much property values have changed each year.

Also to have a lease agreement in case things go wrong you have a way to protect yourself.  

Calling the appraiser to see what you can do to push it up a "C-Level" would be smart before doing any reno also, might only need a few things to make it far more valuable in the eyes of the bank.I've heard of a tactic for figuring out demand, which is to put up a dummy or coming soon listing on facebook marketplace and see the amount of activity you get on it. 

Alternatives to ConsiderIf you want to involve an entity for liability protection or other reasons, here are some potential approaches:Assume in Personal Name and Transfer to Entity:Assume the loan in your personal name and later transfer the property title to an entity.Important: Transferring title may violate the loan’s due-on-sale clause unless explicitly allowed by the lender.

We have a 14-page management contract that we've added our real experiences to over the years, with the intent of protecting both us AND the landlord.

Protecting yourself from any future issues will require a good understanding of the situation your house is in when you buy it.Tl;dr: crime here is relatively low, declining population numbers don't take students into account, properties are cheap, rents are high BUT be careful where you buy.This concludes my TED Talk, ha!

Now I not saying to not take the deal... just go in with eyes wide open. 

I would add research your state's creditor protection laws and think about keeping an open ended line of credit if you need to deploy capital later

This would allow us to have a clear bird-eye view of the various data in order to analyze and take decisions Second Point:I would prefer to manage it internally for confidentiality purposes.

Find somebody who doesn't just have experience but who has a strategy to protect the downside.