The Heights belt I am referencing is strictly the more South/Southeast area (Garfield, Maple, Warrensville Heights)You can definitely find some solid multifamily in the Shaker Heights area.

Be cautious of cities that aren't proactive in job attraction; too much growth can lead to strict building regulations, affecting housing value.Other Factors- Favor cities with a crime index that has consistently decreased over a decade.- For appreciation, I look for a minimum of 2.5% YoY growth in median house values over the past 20 years but I don't use this explicitly in calculations.

Renovated all apartments, converted M2M tenants to annual leases, instituted strict rental criteria, implemented online payment portal, invested $75,000 into leasehold improvements (HVAC, drainage, exterior paint, concrete.)

Just routine maintenance.If I were to take the proceeds from the building and place it into a CD paying 4%, it would more or less amount to the total return I make in monthly cash flow and monthly principal pay off.

FHA loans are strictly for owner-occupied properties, so you'll need to qualify as an individual borrower.

Or is it strictly a "First Right of Refusal" form? 

Strict rent control policies mean that investors can't buy a dilapidated property, refurbish it, and drive rents up.

I graduated JMU in 1990 and we did many weekend road trips down to ECU to visit friends and vary our strict party routine… 

Tenant laws are super strict here and there are some cities that have rent control. 

If you're going the umbrella insurance route, perhaps see if it will cover you for several things including just the routine slip and fall (like mold or earthquake).