But I can't see why Cleveland would increase in value based on negative population growth and, generally, being a bad place to live.   

Gutted the kitchen and dining/living room area.

@Hudson Filippi What part of Northern MN do you live in now?

If you plan to buy in your hometown, buy a 2-4 unit, and live in one of the units.

Quote from @Jimmy Rojas: I live in Arizona and homes here are sky high, youd be lucky to get %6 interest rate, I would be a 1st time home buyer, apart from being 1099 employed would Trumps real estate plans benefit the little guys like me? 

2) If you do owner-occupied cashout refi for best rate, you technically have to live in the home for 12 months before renting it out. * Some responders here may suggest not worrying about that and renting it out anyways.

The couple who lived right next door to our development have an old home that they rent out- it's about 1000sf on half an acre. 

I'd buy where you live (within an hour or so) for your 1st investment!

Did you read Lend to Live?

The single biggest advantage of selling your homestead is that you can take all the Cap gain tax free if you have lived in the home as your homestead for 2 of the last 5 years.