If  you are in the 20% range, you are better off going to the casino and putting all of your money on black and seeing what happnes.Since you are out of the area properly calculating cash on cash returns can be difficult because you have variable expenses to calculate. 

The long-term treasuries are screaming higher rates and inflation being heavily persistent, which usually means underlying house values will go up but I don't think we see that if wages aren't supported in the short term.

The challenge when renting directly to the government is that they expect below market rents.From what I've read in the past, most institutional investors look at these leases like US Treasury Bonds (extremely low risk) and expect a similar rate of return as bonds.Keep this in mind while you try to negotiate a rent increase.

Tropicana Imploded Early This Morning: The historic Tropicana hotel and casino was demolished in a dramatic implosion, marking the end of an era.

They just need real inflation to be slightly larger than income, and gdp growth (including inflation) to be larger than treasury yields.

@Devin JamesRemember mortgage rates are notDirectly tied to the fed rate they are tied to the 10 year treasury which fed rate has some impact but also a lot Of other factors as well

Previously, I borrowed where my rate was the 5 year treasury plus 2 points.

You can buy US Treasuries right now and some CDs and get 4.5+% return while maintaining the flexibility of keeping low cost debt on the properties. 

@Stuart Udis Michigan's Transfer Affidavit has exemptions for several transfer of ownership types, including from a single owner to a single-member LLC.https://www.michigan.gov/-/media/Project/Websites/treasury/F...Is it different in Pennsylvania?

Even with the 5yr treasury back up a bit, you should still be able to get this in the low 7's with a 1yr PPP, perhaps still under 7%.