Assuming you're not worried about a market collapse, it's as close to a risk-free way for you to learn how passive out-of-state investing is (or isn't).  

Purchase price: $4,000 Cash invested: $30,000 Purchased house with foundation wall collapsed.

In case a of a market collapse?

Yeah , me too I am surprised to see new buyers interested in STR given the whole travel industry is in chaos if not collapse right now.And yes there will always be some mountain or lake chalets working for STR but there is no way the occupation rate will be as high as before and due to the competition prices are down. 

This must include the State registration, pulling an EIN (optional, but to create a truly separate entity, should be done), put together an Operating Agreement (even if you are the sole member, because again, this is part of business formalities necessary to show in a court that you're intention was to make the LLC separate from you personally); and yes, you should open a separate business bank account for the LLC (because comingling funds in an account under your personal name is the easiest way for a suing attorney to collapse the LLC). 

Some opportunity there but that area has never recovered from the collapse in 2008.

Are there many industries in the area driving economic and job growth, or is the market being supported by one large industry that, if they packed up and moved out of town, the local economy would collapse?

@Johnny Espinoza I think the short-term vacation model is golden right now in places it would not have worked previously...my partner and I are converting a 180-yr old hotel into an Inn right now, we've done a ton of research over the last months...we found some good resources, but AirDNA was pretty affordable with good insights.On Cleveland...we use data to inform decision making...on a lot of different levels...lots of data and analysis...Cleveland is a beautiful city with lots of good things, but speaking from data, it's one of the worst locations in the US...I really wanted to find something good there out of virtue of proximity to our home market, but I can't...to be honest, it has an identical fingerprint to Detroit pre-collapse.

I know plenty of people that couldn’t take the 2008/9 collapse in stocks and sold at the lows then waited for the highs to buy back in.

Supply shortages and price gouging for labor and materials means that the only profitable housing to build is "luxury apartments" or rows of mcmansion single family homes.Unless the government incentivizes it, there will not be any small affordable homes being built.Add in layoffs and other problems to the mix, and I feel like housing prices will never come back down.I also think the society is going to collapse within the next few years due to various factors ( reddit.com/r/collapse ) including housing prices and other prices continuing to climb, pricing out more than 50% of the population from having children or living a normal life.