Any investors in Michigan and specifically the Washtenaw, Livingston, and Monroe counties?

Was purchased as our primary residence, then we moved and have been renting it out.

I am in the process of purchasing a property, but carefully evaluating it during inspection period. 

spoke to a guy earlier this week that has started and sold several. noted if you do not have $2M to start with its probably going to be extremely challenging as you need to get to $200M in originations a year to really make it worth the while as there are specific staff like compliance etc. that are needed from the get go.Having started several businesses i have learned trying to do it with staff and only a few hundred grand will not work.Thats also thing with loan officers, most states now require them to be W2 not 1099. 

For example, things like tools or building materials that I buy specifically for repairs on these units.

Over the long run you will pay them MORE than you get that is why purchased warranties and insurances are HUGE money makers for those who provide them.

Absolutely the first stop in your series of questions would be to ask your tax advisor for advice specific to your situation. 

I forget the seller's story, but essentially a purchase offer would have been ~$70-75K with a $30-40K rehab IIRC.

I keep track of everything in a spreadsheet and am watching and learning how this specific market is reacting to rates, motivated sellers, first time home buyers, and investors.

Hello, my husband and I purchased 10 properties in KC from Invest 1 properties, rentals 2 retirement, Travis Abbott.