Even if OP can complete a purchase in Cleveland with $23K, aside from valid concerns others noted about reserves, is the risky asset in a distant market really the best place to invest?

Wow, you really are completely and totally oblivious as to what syndication or syndicators are?!     

Sept 20 was 3 months from the default and was the timeframe given to complete the conversion.

You will require many properties to completely replace your income, which could become a new full-time job to manage.

I have always used a PM, but that was primarily because I was out of state.

I also invested in improvements: new roof, water heaters, other major appliances, and a kitchen renovation.Now, my situation has completely shifted.

@Philip JonesYes, it can be a source of frustration and a complete time suck but you may find a deal.  

But we are only a handful properties and it’s completely doable to do your own tenant placement. 

So we raise em, train em and condition em, in a complete fantasy realm where all you have to do is want, nobody ever "fails", anything that hurts feelings is swiftly removed from existence and all of life is padded corners and warm-fuzzies..... 

A market like the midwest is where cash flow is (primarily.