I think it is kind of a dangerous game to base all investments on speculation.

If you aren't in a huge rush, then I definitely recommend learning through Youtube videos (and bigger pockets) and trying to do some of the smaller DIY first.Of course i wouldn't recomment doing anything too technical or dangerous like plumbing or electric yourself...but I have found that I could do a lot more of a project than I thought I could...hope this helps

I can tell you that 21223 is a very cheap and dangerous zip code except for two areas: Union Square and Hollins Market.

I'm talking about flooring, painting and basically all the handyman stuff, though could include more dangerous work like concrete hammer-jacking. 

Removal is the most dangerous option and should only be done by an insured contractor licensed to remove lead paint.Covering it up is an option, but you would have to know it exists first.

what potential dangers i may  run into while trying this? 

Overall, it depends on your level of comfort because some areas of Newark can have great cash flow but a little more dangerous.

So today I recieved a letter on my door as well as all my neighbors saying that they are aware of people indulging in illegal smoking substance.

Yes they are playing a dangerous game with out tenants and livelihoods.

If an accountant recommends this you should run. https://www.biggerpockets.com/member-blogs/7496/90116-9-reasons-its-dangerous-to-hold-real-estate-in-a-corporation