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The rent will cover all of your costs only if it is larger than your mortgage payment, property taxes, insurance, management, routine repairs, savings for big-ticket replacements and an allowance for vacancy, added together. Most new investors count the first three and forget the rest, which is how a rental that looks profitable on paper ends up costing money every month.

Michigan winters can be tough, but a little preparation goes a long way. These simple steps help you stay comfortable, avoid emergencies, and keep a good relationship with your landlord.

Inheriting a home often comes during a difficult time, and the decisions that follow can feel overwhelming. Sell it? Move in? Keep it in the family and rent it out? For many heirs in Southeast Michigan, renting the home is an appealing way to hold onto the property while it produces income.

Before you list it, here is what to think through.