What I really don't understand is that by doing this they are further depressing an already sinking local economy that thrives on tourism!

Some occupations are going to be hurt by this pandemic, and some are going to thrive.

Your tenants are elderly people with real world medical problems. how do you provide for them, and build a thriving business while dealing with all the management issues?

Focus on family and it thrives.

In those nearly four decades, despite all the gloom and doom predictions, the state has figured out a way to survive and thrive despite the challenges.

For some it is not the best thing to do, for others, that have that certain fire inside,  those select few that thrive on challenge... good luck stopping them with their self projected fear and insecurities!

First and foremost, I'd lose the momentum of thriving to success.

I thrived during the housing collapse.

Detroit was once one of the biggest and most thriving cities in America and it did hit rock bottom after the crash and bankruptcy.

So, if there's any kind of renovation needed you could potentially be in the property for up to a year before being able to pull your capital out and start again.Additionally, the kind of tenant you acquire in those undesirable areas won't likely take care of the property, or pay on time, or even pay at all.I imagine the likelihood of renting out homes in the nicer neighborhoods at $4k/month is pretty unlikely, which makes your ability to cash flow positively even more difficult and pretty well rules out those neighborhoods.With a turnkey solution, you have the option to invest out of state in growing and thriving markets.