Most users of VRBO have one single 5-star review, thus our threshold is lower. 

Since I have a fixed-rate mortgage, I understand this wouldn’t lower my monthly payment but would shorten the loan term by reducing the principal faster.

The longer term loans would have lowered your monthly payments and decreased the costs.As for rent, each year you need to look at rents in the area to decide how much you will be increasing the rent by. 

If i close my eyes, I see a cozy dark interior, two chairs facing the fire and dramatic lighting in the corners and ceilings. 

If I can park the 388k ($415-27k) for one year at CD rate of 4.5% and then est 300k (after paying cap gain/depr recap) at 3.0% (assume CD rates lower) that interest income of about 24 months net of ordinary income tax is about the same as my current mortgage.Trying to play devil's advocate and think why selling this year does not make sense. 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Being close enough to hospitals and also the University is a good strategy, but would be happy to give you some more info on the local areas here.

I have around 8k saved up and my goal by the end of the year is to close on my first rental property!

Many times, when i replace a water heater and take a look into some of the short pipes that connect, they are approx 80 percent closed. 

if you're beginning conversations with agents, and they don't recommend that you sign this agreement before the close on a property, is that a good thing or a bad thing?