I suspect if we hit a correction - many people will get burned and my deal rates, response rates, ROI will all improve. 

The "ROI" may not be what it seems after all of the additions from owning a low end rental.Someone turn this into a cattle brand and burn it into every new & out-of-state investor who starts a thread like "Hey I'm not seeing good cash flow in my area, looking to invest in Columbus, the numbers look amazing...

I am a new mom and can not afford to purchase properties just yet or get burned, I have been looking in the Oakland/Macomb Counties for comps, and know what things have been going for.I just need some help with taking the initial first step, and I heard in MI we do not need a license to wholesale correct?

Many smaller owners are fat and happy, because they bought their properties years ago and don't need to raise rents or be efficient to make money.  

welcome to BP  . i have been a landlord in btw for 25 years and i am getting out slowly . i mostly am burned out , but the market has softened for sure . it is still healthy , but just be selective :) if you ever have a question , feel free to reach out .good luck 

In the past I have been the one to choose tenants for my rentals, but have been burned several times because I'm too trusting of people.

don't get burned

My burning questions are sort of summarized below:When I find an REO (or probate listing or short sale for that matter), will the Bank, Lender (shortsale props), or court (probate sales), entertain offers below their list price?  

For the items you mentioned, I'd recommend changing out the carpets if there are stains, holes, burns, etc.

Optimists in real estate get burned... a lot.