Now is a great time to step back and improve the parameters for what works for your location. You may need to consider the area's demographics a bit closer to ensure this represents your opportunities.
If you are not using software to track expenses and income, you need to. And, that means everything from security deposits to tracking property investments and renovation costs. Get a clear idea of the profitability of your property as a result.
In Michigan, landlord laws do change from time to time. If you have not done so yet, ensure your contracts are read over by an attorney or a property management company to ensure they are the most current and up to date possible.
When you start the year planning on what changes to make you have a better chance of getting those projects done. It pays to invest a bit of time into creating this list for each property you own by doing a complete walkthrough.
Now is also a great time to walk around and chat with your tenants. Find out what their needs and desires are. Show you care about them.
By taking these steps now, you can create a clear plan for the future for your property.