Although I find competition for what I call investment grade parks is quite keen.. so returns are more in the MF space.. when you venture out east from the west coast or look at low end parks returns are higher but management is quite intense.. as our dealing with some pretty scruffy tenant base.

Or just wait until a year passes and he can rent it out  Following - I'm based in California in The Bay. 

There are financing options based on your specific circumstances. 

@Eric L ConryI would base it on your cash flow NEEDS, not wants.

Based on the above points, you asked us (experienced investors) what would WE decide.  

When the tax base disappears so do essential services.

Since you’re based in NY, Detroit is just a short flight away, making it feasible to visit and get a feel for the market and the team you’d be working with.That said, I’ve worked with plenty of investors who have never actually visited and still built successful portfolios—it really comes down to having the right boots on the ground.

I am an aspiring serial house hacker based in southern New Hampshire actively searching for my second small multifamily deal in the Nashua area, but I've hit a wall with inventory being so tight in my local market.

I'm sure it was highway robbery - it certainly was based on the man-hours it took - but when you are in a desperate situation, you do what you have to do to get yourself out of it.  

I would recommend you begin researching Chicago based meetups as there are a bunch of really good ones.