A lot of people who househack do so as a basis for a strong financial future and to build generational wealth and financial freedom. 

I would recommend just reading up more on both industries and make a decision from there.

Start building a relationship.  

Investing in Peoria sounds intriguing, especially since you’re drawn to the area and its industrial charm.

I'm still in the process of growing my portfolio, but have heard others 1031 all their smaller properties into a larger building and have a property management company manage, OR, set up a seller financing deal with another buyer that gives you the cash flow you desire. 

Those that choose and can rebuild, will most likely not build back to the extent or scale due to feasibility or costs or unanticipated new zoning, infrastructure, insurance and legal variables.

We manage a bunch of ADU’s and higher density new builds for investors in Raleigh and Durham.

If I had the business headquartered at some commercial or industrial space, I could deduct the entire cost of the space. 

You'll find the most success in a place you are familiar with and where you can build a solid team.

I currently work as a Pipefitter (think plumbing but on industrial steroids).