However, a simple solution may be purchasing the property as a second home... you can put less down and use it pretty much however you choose so long as you or a family member occupies it for at least 2 weeks a year. 

We used these sites to pull recent sales data and determine fair price-per-square-foot benchmarks for our top neighborhoods.

That’s usually where creative solutions start to make sense for sellers. 

Not much appreciate over the last year so value is there. 1031's are much harder to pull off than they say.

Quote from @Jay Hinrichs: Quote from @Drew Sygit: Quote from @Natalie Allie: Looking for advice from seasoned investors in the Detroit area - specifically how investors mitigate risk when investing in the inner city and what the best solutions are to secure properties, avoid squatters, etc...

Most of the time I pull 3 to 5 solid comps and look for a pattern instead of chasing one number.

My point being even if you have a niche its easy to get pulled into other areas of the industry simply from a desire to say "yes" to everyone. 

The trade-off is permanently increasing the rate on your primary, so that cost needs to be justified by the investment and not just the desire to get started.Before pulling the trigger, also consider a HELOC as an alternative.

I'm also a new OOS investor and PM trust has been the single biggest thing I've been trying to figure out before pulling the trigger on my first property.What's helped me is shifting from "how do I monitor my PM" to "what did I agree to in the contract that makes me dependent on them in the first place."

Comp-based value: Pull sold cabins in Lake Conroe from the last 6-12 months - similar bed/bath, lot size, lake access.