I have the option to buy a 1,300-sqft 3-bed, 1.5-bath house in South End neighborhood of Stamford, CT, from a family member before it goes on the market.

Quote from @Robert Jones: @Kristi Kandel what market are you in? 

For multifamily, target markets with strong rental demand, value-add opportunities, and creative financing options like seller financing or private capital.

@Zack Whiting - You are in a top tier market for investment properties!

Often, I am not able to keep all of my ira funds invested in active loans so I would like to be able to keep the money that is not invested in loans in a liquid "money market" type of fund on a temporary basis.

We’ve visited the area several times and have always thought it would be a good STR market.

They were properly renovated before they went on the market and are not costing/causing any additional maintenance then some new construction in my management portfolio. 

Check local rents (Zillow, Rentometer) and cap rates—Cleveland’s market favors long-term stability.

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

I would rather recommend being a maximum 3-4 hours drive from whatever market you decide to get into.