Cons - Risks as stated by others, can limit which renters are looking at your house. 

It seems like you have some very solid goals of multiple income streams, and a well calibrated risk tolerance. 

I am planning on purchasing a profitable business with its real estate included in florida and the dscr is 1.85. the problem is im just short of 600k for the down payment. that being said, can anyone provide me any re...

Right now there's huge concentration, but as this continues to build out and we see north of the high 30s GW by 10 years from now it'll be almost a requirement to keep some type of locality based risk assessment and to diversify. 

Drilling a well or building out a septic?

I have home owners insurance should i buy another landlords policy as well?

They financed 100% of that transaction, and I took on a huge loan - a huge risk for a broke guy like me.

Now I’m looking into the Detroit and Ohio areas (Toledo, Cincinnati, Cleveland, Columbus) since they seem to have growing populations and affordable properties under $200k as well.  

Birmingham’s market is diverse, with various areas offering different levels of potential and risk, so getting boots on the ground can be one of the best investments you make in terms of time and money.I’d be happy to connect and share more about what I’ve learned from my experience managing properties in this market. 

The question is mostly a personal financial planning question and it depends on your preference and what balance of risk and access you'd like and would be comfortable with.