Still, I managed to lock it in for $145,000 by emphasizing how much TLC (and cash) it needed to bring it back to life.

Unless you're locking up 10 acres in a large metro where a DR Horton or KB homes might come in, thats a little less localized.

In this model, you're locked into a lease option and if for some reason you need to sell.

Whether you are looking flip the property or hold on to it, getting a 6 or 12 month fix and flip loan doesn't lock you in for that time.

A cash-out refi isn't really appealing with the rates and I'm locked in at 30 yr, 4.7% currently.

If you're seeking a reliable income stream, you should definitely consider Cleveland.

I’m not sure how investors are managing their properties from a different state when it seems to be impossible to find a reliable good property management company in Cahokia, do you have any advice or suggestions on this?  

Factor 8%-10% for a reliable property manager (use AllPropertyManagement.com).After that, you're golden.

For example I had my slow teenage kids with me and I hadn’t replaced the keycard by checkout time (6 minutes past), although we were out of the property and had locked the door by that time.

After some investments in amenities (primarily hot tubs), our last 3 months have averaged 12k/m.This property is owned outright, and due to the size of the property, the small square footage of the units, and the lack of comps in the area we have found it difficult to lock down any refinancing.