Sure, the upside isn't as big as the potential of an NPN, but I sure do like the consistency. 

It's important to talk to your refinance lender prior to the whole process to make sure you are offers and how you take title (in cash or however finance initially) is consistent.   

GroundBreaker - https://www.groundbreaker.co/ -Real Estate Fundraising and Investor Management Software PatchofLand - https://patchofland.com/ - matches accredited and institutional investors seeking high-yield, short-term, asset-collateralized investments to borrowers seeking more timely and consistent sources of funding for rehabbing properties across America.

Depreciation - assuming the entire 1.5M is depreciated over 27.5 years means ~4500$/month that I can deduct from my income for federal tax purposes - so would need to multiply by my federal tax % to get an actual $ saved value (im a little hazy on these things, so please correct me if im wrong). doing so doesnt make this a cash-flowing deal with a mortgage, and still wont crack 5% ROI if i buy in cash.finally, here's a link to the biggerpockets calculator for this - https://www.biggerpockets.com/buy_and_hold_results...So, is this a very unattractive deal or am I missing something here?

So, I think my main struggle is freedom of location opens up the whole country, which multiplies the analysis paralysis effect and makes me less confident in choosing the right area. 

Quickly establish WRITTEN policies and procedures to ensure consistent service for every client or customer.

The trick is consistency. 

Was nobody in consistent contact with the foreclosing attorneys?

Happy to run different numbers for you, if you'd like and think that would be helpful.Radford might be another market to consider - growing campus, but not the same appreciation rates as Blacksburg, so the entry points to rentals are going to be consistently lower.

About half of it consists of four individual buildings that are leased to various retail tenants.