People who did it wrong and weren't able to execute.If you do it right, it’s arguably the best market to invest.Purchase: $80k-$130kRent: $1100-$1500 (no rent control in MI)1% rule: .9%-1.4% rule dealsCoc ROI: 4-12%Total ROI: 20-40%Cash flow: $50-$250/door (after all expenses and budgeting for maint, capex, vacancy)Appreciation: 3-10%+ (has been double digit for a decade)Location: C+, B-These numbers are based on the “sweet spot” in Metro Detroit.

I haveheard of certain investors doing it and finding success doing it but am warygiven the restrictions on short term rentals (under a month) on RSO propertiesand generally how sensitive these rules are.From what Iunderstand, they are "hotel-like" bookings.

., Fair Housing Act, security deposit rules, eviction processes).Set clear expectations for rent payments, maintenance, and lease terms.Price rents appropriately based on local demand and comps.Track income/expenses for tax reporting.Good luck and I hope you have a wonderful experience!!

Have you looked into the rules for operating a STR in the city?

.- Fourth & last tenant lived like a pig and caused a LOT of damage.

That means none of you can personally guarantee a loan used by the IRA or Solo 401(k)—any financing must be non-recourse.Even if you plan to partner personally with your IRA, there are strict rules.

And it has to follow very specific guidelines, or the court could toss out your case and make you start over.That said — I personally wouldn’t go the nonpayment route unless you want to keep the tenant if they suddenly come up with the money.Here’s why:A nonpayment eviction gives the tenant the legal right to “cure” the situation by paying what they owe — and then they get to stay.A holdover eviction, on the other hand, is all about getting possession of the unit back — whether or not they pay.Since your lease has expired and they haven’t paid anything, I’d go the holdover path — cleaner and more likely to result in them actually leaving.If you really wanted to pursue nonpayment, you’d need to:Serve a 5-day late rent notice first.Then serve a 14-day rent demand (not 10).Then file for eviction if they don’t pay.But again — that opens the door for them to delay by suddenly paying partial rent or requesting payment plans in court, which slows things down.Personally, I’d rather get the property back and start fresh with a better tenant.What Tony said, except that the 5 and 14 day notices should be served concurrently and each has their own rules for service. 

@Corbin Wafford - you are correct that anything under 5 units is valued based on local comps.That said, I always ignore this rule and I base my MAO as if I were buying a commercial property.

This is at times doable, the rule of thumb is the comm properties cannot generate more than 49% of the revenue.

There are tricky rules when it comes to using refinance funds to pay off delinquent tax debts.