If you are thinking about investments, this may be the way to go.  Michigan economy and the loss of jobs has caused an influx of foreclosed/investment properties which is a great opportunity for those with extra cash.   (Does anyone have extra cash these days?  My family certainly makes sure I don't!)

Does anyone ever watch "Flip this House" on tv?  That show cracks me up.  How do average people buy a $500,000.00, 1100 square foot ranch in California, and handle two mortgage payments at the same time?  While some have made some great money, most of them underestimate the time to do the repairs, the amount of money needed for the repairs, and the amount of time to resell the home.  I keep wondering when they are going to put an average Midwest home on that show.  Of course, it wouldn't be as exciting to look at the profit margin as the ones in California.

So that brings up the bad side of investment properties.  As in the tv show, investors take on a big risk with these types of properties.  Not only can they be a challenge, often there are hidden defects that weren't expected.  (Investing in an inspection, may well be worth the $300-$400 it costs to uncover some issues you may face.)  Sometimes your estimate of fixing the place is not accurate and usually you end up spending more than you had planned.  If you were planning on selling the property, it could take some time to resell the home.  In fact, you may have to go under market value, just to get it sold.

Life is all about risk.  How much risk are you willing to take?  If you love risk in return for possibly great profit - investment properties might be up your alley.