Going DIY and self-managing this type of asset from another state may not be an easy task for such a building and neighborhood, it needs more attention (and probably capital).Try an unconventional approach.

Not all investors have the experience or team to do the deal on their own, they need/want guidance to build their confidence so moving forward one day they can do it on their own. 

@Jerry Chilimidos, I see that you are self-employed.

Next question.... will you self-manage it, or turn it over to a professional management company, or some type of hybrid? 

Thus, my main goal joining this forum is to try to gain confidence in the decision to get into real estate investment and better understand the risks that I may not be considering due to my lack of experience in the field.

For example we do self storage.  

In my case, I have residential rentals in one LLC, commercial properties in another, self-storage in a third, and my real estate company operates in a fourth.

The market between the 2 locations & resident class (Especially if you plan to self mange or find a PM company), Your future goals and the costs associated with moving and transferring to a new hospital. 

These policies have been to the detriment of small businesses, the self employed and to large extent  true GDP producers.

It will allow you to roll existing retirement funds into the 401k (save Roth IRA) and self direct those funds.