It is amazing what is going on now and hard to know if this will continue with all of the growth coming from out of state.  

However, it reduces the growth of the wholesaler, create a risk of wholesaler not getting any money back, and it will ruin the relationship of cash buyer and wholesaler since everyone want more money for themselves. 

So back to the poster's question:  I'd invest in largest cities that make up the banana republic where there's evidence of growth, despite the bad news at the State level.  

The most-accepted method for finding this kind of deal is to do mail lists or call lists of current owners - that way, they already have you in mind when they are looking to sell.The best way to get good returns on a property like this are to:Find an off-market seller through the above-mentioned methods, and negotiate a deal that is win-win for you and the sellerFind a property (on- or off-market) that has room for value additions, either through growth, increasing income or decreasing expenses.Most properties that are on the MLS market will be competitively priced, or will need work and are thus value-add opportunities and will not be great deals from the beginning.

The exponential growth is a testament to the value you provide.  

The growth of the area was not well-thought-out so you have streets that are single-family ranches that suddenly change into attached homes and suddenly change into attached homes with rear service garages.  

A good property manager can be gold in and if you work for a good company as a property manager there's a lot of room for growth as well as just being involved and then setting yourself up for the opportunity to invest on your ownMy property managers all have had no prior experience and really are not all that great and are paid 40 a year in just salary and if they put in effort to actually try to go above and beyond they can easily make double that.

I can access property data for the past years through the MLS for Grand Rapids to show its growth.

---ROI AnalysisPURCHASE ECONOMICS: Opening bid = $137.5k + $500 escalators up to $145.5kClosing price = $145kDeposit = $1kLoan = 4.75% fixed conventional w/ 30 yr amortDown payment = 25% or $36,250Due at signing = $37,216 (incl lender fees, title fees, taxes & insurance impound, negotiated seller credits, pro-rated rent, et al)Current Rent = $1,425 (700 + 725)Market Rent = $1,800+ (900 + 900) → used for CoC analysis belowEXPENSE ASSUMPTIONS: $3k repairs (planned for Jan/Feb ‘18)5% vacancy7.5% CAPEX7.5% OPEX13% prop mgmt (incl placement fee)5% insurance (actual)11% property taxes (actual)YoY GROWTH ASSUMPTIONS: 2% expenses3% rental income3% property valueCoC RETURN ESTIMATE: Yr 1 = 9.5%Yr 3 = 11.5%Yr 10 = 20%NOTE: return estimates are based on the Bigger Pockets rental property calculator.

And neighborhoods are being upgraded to reflect that growth.