That’s exactly what more out-of-state investors should be doing.That said, I want to offer a different perspective, as someone who’s lived in Michigan myself, and suggest you consider pivoting to other markets that may set you up better for long-term success.While there’s a comfort level with investing where you’ve lived, Michigan isn’t the most landlord-friendly state and that matters more when you’re out-of-state.

First it requires significant rehab and I worry it may be more than I am comfortable with as this is the area of real estate I have the least amount of experience with, specifically dealing with contractors. 

$80,000 does provide you some comfort that the buyer has skin in the game and will want to see the loan paid off(so long as the value of the property is more than the value of the debt.I would ask for an interest rate higher than mortgage rates are giving.If an investment loan with a bank is 7.5%, I would ask for about 8% to 8.5%

While living in the first property, saving aggressively for your next down payment is smart, use a high-yield savings or money market account for safety and flexibility, but ETFs can work if your timeline is 2+ years and you’re comfortable with some risk.Also consider getting pre-approved now to understand your buying power, and start analyzing deals regularly to sharpen your instincts.

If you’ve underwritten deals using public funding as part of the stack, I’d really appreciate any “lessons learned” or example terms you’ve been comfortable extending.

Many of these can rent for 0.8% to 1% of the purchase price, depending on the neighborhood class you're comfortable with.Some of my favorite rental neighborhoods in Marion County include:EagledaleRiversideCrown HillMapleton-Fall CreekLittle FlowerIrvingtonFountain SquareBates-HendricksI hope this gives you a clearer picture of the market.

While the projected ROI on their website feels a bit optimistic, they still provide all the tools you need to make an informed decision—especially when you factor in future earnings after incentives and adjust for your own comfort level around vacancy and maintenance reserves.

How much risk are you comfortable with?

This is what I have as the signature on my personal email… 🌲 Unplug in comfort — book your escape at Gold Country Yurt.

I personally would feel more comfortable if the recent appreciation was at least average.