I am a licensed Realtor working with investors looking in the Michigan Livingston, Washtenaw, & Oakland counties and a long time BP member. There are some solid investments to be made outside of the motor city, that's for sure. Most investors rely on hard money lenders to secure non-homestead/investment properties. However, there often seems to be a disconnect between seller and purchasing investors.

Although many investors know and understand that a prospective investment property must be at least 75%-80% tenanted when utilizing any type of financing for the purchase (esp. hard money). Although there are many properties promoted towards investors, they are often vacant. Sellers will often let their leases expire when planning to list the property for sale because they don't want the complications of trying to arrange a showing with tenants. However, what they don't realize of course is that this limits the possibility of a purchase to cash only for an investor because many lenders will not lend on a vacant property.  

If the property is at least 80% tenanted, then you have something to show the lender that proves the property is generating cash flow. This doesn't preclude the fact that just because it's generating income doesn't guarantee you'll actually make a profit, of course.

I'm also an investor and landlord. What frustrates me is when listing agents take on a listing knowing it's an investment property and yet do not include any of the basic information on the listing itself. What is the rent(s)? Length of leases, holding costs itemization, repairs in last 12 months, GOI and ROI, vacancy rate, who pays for what, etc. Listing agents can easily include this information on the listing itself and along with the Seller's Disclosures.

I find that every once in a great while I'll come across an agent who, like me, has personal experience with property investing. It's so very refreshing when I come across an agent who has information ready and available to me and subsequently my investor. Most of my time is spent chasing up agents for basic information then waiting for days for a reply.

I'm sure many of you have had similar experiences. I think part of the problem lies in the fact that less than 2% of real estate agents work with investors who comprise as much as 37% of purchasers. Lack of knowledge on listing agents part contributes to mistakes on the seller's side which can cost him/her time on the market.