Why hasn't your property manager already answered this question?

I'm certainly cognizant of the risks of managing a property remotely (my wife and I did rent out our Chicagoland house for a couple years while living in STL).

@Frankie Paterno In most places you will likely find that your $1.2MM will go much further with existing built as opposed to developing.

I’d love to hear about the crime rates or any other issues (which we cannot guess from the online stats), and how easy or hard it is to find reliable tenants and property management companies.

For example, could I use my SDIRA to operate a management company that charges my holding LLCs a management fee?

Could it attract squatters, or is it the right move for responsible property management?

Drunk guests would make me nervous.I also manage short term rentals, but don't do weddings.

Is it Leasing, Property Management, Vendor Management, Operations, Finance, Accounting... 

In real estate, I don't change locks, screen tenants, evict tenants, inspect properties, or finance my deals - I have property management, property inspectors, and mortgage lenders that do this for me (outsourcing).

Less risk as far as a debt note, that's true, but debt is not the only risk to be managed.