@Scott Nguyen I just had a client ask me this yesterday so I'll share what I told him...If you had to personally guarantee the mortgage on the property, which most investors do for their first few deals, you have personal risk of loss with the property and the LLC won't insulate you.

But Wenatchee is relatively insulated from major disasters. 

Real estate is pretty uniquely insulated from the fluctuations of the market at-large, so investing in other things comes with greater inherent risks, of course (plus you can re-fi out and re-invest depending on the circumstances).

If you own multiple properties, you can “insulate” each property from liability claims by setting up separate LLCs for each property.

Certainly learning a bit how to spot the for sure items like the '50s 8 inch square floor tile with the associated black mastic, the heating ducts covered in thin white "insulation" as well as attics with the vermiculite insulation gives you a running start by knowing you have to add funds to rehab budget.

@Tyler Volk it will need a source of heat (as well as being insulated), a legal means of egress, and probably a closet (to be counted as an additional bedroom for resale).

We even spray foam insulate the attics and walls if we are doing full renovations.  

The bread-and-butter 2-6 unit multifamilies are still NOT appealing to the people you're envisioning in the areas you mentioned.The Elm to Maple corridor tends to brighten up a bit as you move north from Bridge Street--say, from Prospect Street north.If you live in the building you have a degree of control over who you're renting to, so that can insulate you from some problems you might encounter as an absentee landlord.  

Fans are cheap, when you think about how much money to replace the whole bathroom, with new backer board and insulation and tile.

In Ann Arbor, if a dwelling is cited three times during the winter by the Housing Inspection Department because the heating system will not maintain the required temperature without portable heaters, corrective action (e.g. storm windows, insulation, additional heating capability) may be required.