If you do decide on MN, did a similar analysis as you a few months back in St Paul with rent-to-price ratios based on median price and median rents for each neighborhood in St Paul.

A 1031 exchange allows you to defer taxes by exchanging real property held for productive use in a trade or business or for investment for other real property of like kind, which is also to be held for similar purposes.

While this won't stop the Gen Y and Z crowd, I think it will make it harder for people to raise money, when a company with 30 yr track records are marketing right along side the guy with 2 yrs (for a similar type of deal).

The terms are also similar to conventional investment property loans - 30 year fixed rate, 30 year amortization (or up to 10 years interest-only).

Similarly, if you put several Class D tenants in a Class A 4-plex, what do you think will happen to the property?

Similar to StayOnera Awesome.

I wanted to solicit some background info before reaching out to my accountant and she advised similar to your comments. 

Once you move to Chicago, look for similar groups—Chicago has a vibrant real estate community.Building a Team: Since you’re new, connecting with a knowledgeable real estate agent, lender, and property manager in your target area is critical.

But the thing with those markets are you'd be happy to break even, so even if repairs are less and tenant quality is better, I feel like it would end up being the same result.For those of you that invest in Cleveland, do you have similar experiences?

Where I differ with most of the posters on this thread is that I feel solutions can be developed to address the problems and something similar to what the OP suggests would be viable.