My job is our sole income and I get relocated for projects frequently so any property would have to be managed remotely (willing to invest anywhere in the states).Given the our situation above and our long term goals, I feel best next steps would be a heavy emphasis on networking and deal analysis.

In my instance, my wife and I are currently on the title and would be the sole members of the new LLC.

Quite frankly, if I were in your shoes I would try to get one of my siblings to buy me out and then invest that 40k somewhere else.

About 2012-2013 I was in your same shoes.

The 1 mile income radius could be misleading in either way to the positive or negative if the property is on the right or wrong "side of the tracks" so to speak.The 80% occupancy, if it's solely due to the mismanagement of the current owner could be an opportunity. 

I would do the deal if I were in your shoes.

I had holes in my shoes but came to not mind it because I couldn’t afford to buy new ones.One day I wanted to go watch a movie.

And don’t hesitate to tap into local investor groups or meetups; you’ll pick up tons of wisdom from folks who’ve been in your shoes.

My family consists of my wife and three kids, and I’m currently the sole earner.

I've sold while in your shoes before, and I've also held with large negative CF.