In my area, the inspectors are massively overloaded and often skip through a nice house quickly while telling me the last house they were in set them back 2 hours because there were so many violations.

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

You’ll want to get really familiar with local zoning laws, short-term rental rules, and landlord-tenant laws as they vary by town if you plan on going the STR route.Focus on Cash Flow Early On: You might be tempted to go for something that appreciates quickly, but in the early stages, it’s important to find properties that bring in cash flow.

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 work a full time job at a wood shop building custom cabinetry.

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. 

@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?

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

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