I also agree that Akron is a viable area as well, but Im still finding the best deals in and around Cleveland.

Contents (Personal Property): most homeowners policies give a set % of the Buildinglimit for Contents.

My best advice is to align with an active sponsor in a role that embraces your skill set. 

(Unless it was a rental, then you have to pay depreciation recapture as well, usually at 25%.) 

It may sell at a loss if someone else knows that you are trying to get rid of it because of a bad tenancy, but if you can get a well qualified tenant in there, then it may be worth keeping at this point if you can make it get some decent cash flow.  

Cosmo - I personally don't know Phoenix well, but if I had to do this in another city I would look at income levels, crime levels, and population growth (if you can) by zip code and/or area within a DMA as a starting point.

Do you have money set aside?

💰Well said!

I came across this brand new property, in a great intersection that’s leased out to LazyDog restaurant & running well.

If they're cash flowing super well, why sell or take out a HELOC?