One of these restrictions is a cap on how much income we can require (max 2 or 2.5 times rent depending on the rental rate).

These areas tend to provide the best balance of affordability and rental demand.That said, Detroit’s market is unique.

There would potentially be some weight issues with the 2nd+ floors of some shopping malls, depending on what the potential tenant wants to store in the upstairs unit. 

Be sure to check out the free tools BP provides to help analyze deals you may have and also market insights.

It depends if you need or want the money out or want an asset that will bring in income, especially since you own it cash.

Additional DetailsI’m willing to invest in out-of-state properties, though I prefer areas with good property management options.My primary focus is passive income, but I’m also interested in value-add opportunities.I want to ensure these investments provide strong tax benefits and diversify my portfolio.I’d love to hear from experienced investors:What would you do in my position?

It's hard to provide any advice without more context with your situation.

This type of short-term loan can provide the funds needed to renovate the property.

It depends on a lot of factors; primarily the local jurisdiction rules that may limit lease changes (in Portland/Oregon rent, security deposit, screening fees, an no-cause evictions are heavily regulated).

There is almost no circumstance that will save you more money then living at home provided its rent free.