If you look at Zillow's Consumer Housing Report, most tenants stay 3-5 years in a property. 

By the way, I'll be attending my first few "Open Houses for Investors" in Detroit this month.

Like get a 100000 line of credit and buy 2 houses each year?

You can do all this without a lawyer, but mind you, expect your house to be trashed. 

I'm also not sure if you could buy a house for $500K. 

Hi All,When we moved into our house we had an existing structure in our backyard.

It turned out there were aluminum wires so we upgraded the electrical service, removed all of the walls so we could rewire the house (4 bed 2 bath).

Owner Occupants are trying to scoop these houses up too so you'll have to make your offer appealing. - Anderson, IN has been a very successful area for my investor clients.

We currently own a 40% renovated home in Unincorporated Arapahoe County (Holly Hills).

By putting 10% down I probably will be less than breaking even every month ((like an extra $800-900 per month at very low/conservative rent prices)  with the building fully tenanted (as is condition not counting value add with renovations).