Its been a couple decades now since I lived in boarding houses but I know the landlords were ALWAYS dealing with some kind of drama or inter-tenant conflicts.  

@Ryan Evans, didn’t mean it as harsh as being played like screwed over.

This limits what I can do for exterior renovations.Biggest advantages for commercial office space are tenants that will sign multi-year leases, less personal drama, and a simple formula to value the property.The biggest downside is the potential for longer vacancies.

Enjoy conflict or drama?

It sounds sexy but I know that package came with drama. 

Personally, I prefer not meeting my tenants because I don't want them calling me with drama or excuses of why rent is late.

Evictions, drama, damage etc....All part of the job when investing in this type of property.

We are open to move to almost anywhere in the US except to places where there are harsh winters.

You'll likely have to deal with drama amongst tenants, monitoring the utility bills, lots of turnover, and the occasional police phone call.

Second scenario, maybe a D neighborhood, an hour away from home, could cause family drama, much more than $5k renovation, no good property managers, doesnt fit your investment plan, etc....Doesnt sound like as good of a deal