It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

(if not more), and there is a high chance you will drive yourself to fail.I know this coming from a stranger is going to make you throw this warning in the wind and some misteks often people learn the hard way.I am not saying you ARE making a mistake..

So for now, as I get more educated and more certain about what REI actually looks like and could look like for me, I’m also focusing on eliminating all of our personal debt to prepare for future investments.I think this should give a pretty basic overview of where I’m at in life and in my investing journey, and I look forward to being more active in discussions here as I move closer to pulling the trigger on my first investment!

Kyle, don't make the common mistake of equating the City of Detroit with Metro Detroit! 

Always open to helping others and being able to guide new investors in order to help them avoid money wasting mistakes.

Pros - Bigger returns possible, lessons learned are likely learned from making mistakes, and therefore will be remembered better.

Time cures almost all mistakes.

Is it better to learn along the way and make mistakes as I go to not let the deal pass.

@Dan ErmolovichEven if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

But we learn from our mistakes!