While purchasing rental property out-of-state offers limitless investment opportunities, it also presents some logistical challenges that may be hard to overcome. Even the most organized investors cannot be in two places at one time if they live outside of Michigan. Thus, several problems can arise when an investor is unable to manage a property or engage with tenants.

Owning property in Detroit Metro doesn't mean you have to live in the area. Some of the most successful landlords know that purchasing rental properties in hot markets grows their income--no matter where they live. 

Turning residential properties into rentals is such a substantial investment that REITs, or Real Estate Investment Trusts, have been buying large portfolios of single-family homes, and holding them as rentals.