Then you can have the variations in-between.

since you're from here you know there are wide variations both between and even within neighborhoods.i totally get that LA proper is too expensive... i just don't think OOS in the midwest is the panacea it's been made out to be, especially with interest rates where they are. 

A variation on this is buying a 2/3 plex and living in one side, fixing up everything, once it's done rent out your place and buy another one, repeat. 

Even though I firmly believe this is all vastly overblown especially compared against past flu variations in the last two decades, it is hard to ignore the human element and the fact that some people are legitimately scared right now.

Variations of the process are called a reverse or improvement or construction exchange.  

I don't know if it is the best choice, but it is the rationnal.One problem is the large variation of the $ to Euro exchange rate, but there is a diversification advantage and this effect should be less important on the long termDue to the cost of having one LCC per house, I think I will stay as it is for now and may reconsider the situation later on if I pursue my investments.This leads me to another question.

There are huge variations in property values and rent-ability throughout the UP.

The key, I think, is to actually stay away from the "classic" REI keyword portfolio and look for cheaper ways to get in front of the same audience.Typically, we'll do this by prioritizing the most profitable keywords in phrase match variations, avoiding exact match altogether (broad is still too broad in most markets, though it's probably worth a test in a market like yours).Another key is going to be finding the place at which you can affordably compete - NOT going after the top positions because that's what everyone else is doing.We find that the top spots in MANY markets are actually not worth the increase in cost - and that you can actually do more deals by targeting position 2, 3, etc.

This is called a "waterfall" and it rewards the person doing the work if they do a great job and produce a great return.Extra credit (postgraduate class):  There are variations on how pref is treated.

I'm a firm believer that - within the "reasonable parameters" - there is no wrong or right, just variations of things of which some will suit person A and other(s) will suit person B.As a very general approach I would say that if you plan on building up a cash-flow generating "empire" you probably want to leverage as much as reasonably possible so as to rather quickly increase the numbers of units you own.