This entails you taking out an FHA loan to buy a multi-family (2-4 units).

My major concern right now is that eviction would entail re-renting at a reduced rate since Alaska is in a bit of a recession, renovation costs right now, and renting during the winter is an issue.

Look at the fact that almost half of all people moving to Nashville are coming from LA, NYC and Chicago, and you can see that our prices are still very attractive comparatively.I know everyone ever has said "this time is different" right before it all blows up, and I'm not saying that Nashville prices will not have dips and stalls over the coming years, but to have a greater than 5% decrease in real estate prices in the next 5 years would entail all immigration to stop and some kind of severe national pressure.

If so what kind of cost does this entail?

@Bablu Gupta, I have never developed land in California, but in Indiana the site approval would entail getting the property re-zoned for the type of building you'd like to build on it.

@Bryan Satter  @Jorge Ruiz  I also read a new blog post this week about buying in your name, transferring to a land trust (I'm not sure exactly what that entails), and then transferring into an LLC from the land trust... it apparently creates greater distance between the property and the owner, and I think may prevent some of the unecessary costs.https://www.biggerpockets.com/renewsblog/llc-lendi...

I purchased a 3 unit in Harrisburg this year, which entails a 5 hour flight and 4 hours of driving. 

The lower deductible entails a higher monthly amount and would make sense for a more frequent service call type of house.The main thinking/reasoning for this choice was that we should be doing things more valuable with our time than handling service calls. 

What is the size and type of work this project entails?

Hi both, that is my fear, that I don't know what 'historic' entails, however, that ENTIRE area is 'historic', so if I want to invest there (and it's already gentrifying like crazy) that's what's required.