IN Oregon. we have very few derelict houses or building very few.the one area north of downtown ( the old warehouse district) most all bigger cities have those areas.. the City put a 10 year tax abatement for repurposing the buildings to residential so buyers did not owe property tax for 10 years. 

You really have to know how to do your numbers.A lot of that may come down to the property taxes.

@Andrew Liu Does your operating expense taxes/insurance?

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

It mitigates the risk because you can go slow, you are living in the property, and you get the tailwind of 2+ years of market appreciation while waiting to sell tax free on the gains.

@Sushil IyerWith my experience, to analyze properties effectively, you can start with resources like MLS listings, Crexi/Loopnet, tax assessor websites, or paid tools like Costar and Reonomy.

Plus financing and tax prep will be cheaper.

In addition, the tax implications are better on a refinance which you will be able to deduct. 

However, after running the numbers accounting for insurance, PMI, taxes, vacancy, capX, property manager, etc. the property is estimated -1.85% cash on cash return (-$600/mo) once I fully rent the property.

I think buy and hold is a better long-term strategy in terms of scaling and definitely comes with much more tax savings incentives to offset your regular income.If you were in my shoes, what would you prioritize at this stage of the journey?