We have even first-responder equipment ready (carpet fans, dehumidifier, puddle sucker pump etc) to deal with the issue quickly and curb the damage, before we get the contractors in to do the repairs.

I agree with everything said in this post, it is a hospitality business and superlative customer service is a must. 

@Mattin Hosh first, most cities in Metro Detroit have some type of rental property inspection every 2-3 years.It's not really a big deal 99% of the time - especially for owners who are NOT slumlords:)Also, a quick Google search will show that several states/cities are passing/considering similar legislation.One of the biggest mistakes we see newer investors making is NOT properly understanding Neighborhood/Property/Tenant Classes and naively assuming that any rental they buy will deliver Class A results.Read our copy & paste thoughts below and DM us if you'd like to dicuss more about the Detroit market:)-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

In the areas I’m in appropriately priced units rent very quickly to qualified renters.

Also, the foreclosure process in Texas is a quick 41 to 50 day process.Lastly, Texas has passed mortgage wrap legislation to help on these. 

I’ve seen deals like this before where a seller needed quick cash but was still emotionally tied to the place.

The market has changed for both the customers and yourself the builder.

I’ve developed a Comprehensive Investor Report (CIR) for a property in Palm Coast, FL, designed to be transformed into a luxury rental asset while serving as the foundation for a scalable asset management strategy.Here’s a quick snapshot of the deal:Property: Red Birch Lane, Palm Coast, FLCurrent Value: $350,000+Mortgage Balance: $165,000Current Equity: $185,000Investment Required: $177,500 (for luxury upgrades and optimization)Projected Monthly Rent: $4,500 with 2% annual increasesTarget ROI: Full 1.5x ROI for investors achieved in 9 yearsLuxury Features: Smart home automation, designer finishes, professional-grade kitchen appliances, and more.I’ve also structured a capital distribution plan with a waterfall approach:8% Preferred Return for investors.Full Return of Capital to investors before profit splits.Post-ROI, a 20/80 split (Investor/Management) ensures long-term alignment.

If you could hedge fund managers would quickly outcompete your capital with large swaths of capital.  

Strategic negotiations secured the property at $170,000, positioning us for a quick and lucrative resale in a thriving market.