Own a rental in MI but live in another state?

[Stonewalker]

Just wondering if anyone here owns a rental property in Michigan but lives in another state. Even a part-time rental. What are the tax implications? Is it just too much of a PIA?

Thanks in advance.

 

[Sunset]

Owning a Long distance rental is a GIANT PIA.
Either you make long trips, or pay through the nose to fix issues.
People also often pay a management firm (which does not care about costs) to manage the property, but you are still liable for everything, and pay for the repairs on top of the management fee.

 

[Breedlove]

Did this with Ohio and Texas . Lost our AZZ. As they have said you can't control everything . We ended it with a tenant we didn't even know was in our house . We used a Century 21 Office to manage it . The tenant demanded his deposit because his son had astma and the house was 11 miles from a hospital . The property manager told us the house was in a racial community and Ohio always leans to the tenant so we should give the deposit back . Wife refused and the tenant really messed the house up. Total damages 10k we were so upset we sold without repairing ! Don't try it , when they know you are far away everyone takes shots at you. Including the property managers.

 

[SumDay]

Being a landlord in the city in which the property sits is a PITA. So, I cannot imagine doing it from a long distance. And I'm as fond of property managers as I am of timeshare salespeople.