My appetite to get involved in deals has impaired my better judgement I think...

I assume I’ll need to add fire suppression.

It's super important to create a well-balanced portfolio, in alignment with your risk appetite.

However the building has very good structural bones, and the boiler system, fire suppression, and elevators are all in surprisingly seemly good condition.  

Only you know the combination of time, money, and appetite for risk to find that sweet spot for real estate investing.I might recommend you think about a few things:1.

Was informed that they currently don’t have the “appetite” to lend to out of state investors (was told it was a different case couple of years go).

What is your appetite for rehab? 

I’m young, single, solid income, no obligations – my risk appetite is quite high so I intend on being aggressive in my investment strategy. 

It all comes down to time, money, and appetite for risk in my opinion (I'd add genuine interest, but the fact that we're on a BP forum likely means you're interested in the mechanics of real estate instead of just seeing it as another investment tool). 

It all comes down to your risk appetite and long-term goals.