Why do you think purchase contracts are so long and have such small print?

I've heard of instances where I've seen the investor do well long-term and some where the investor has been able to build and sell or just hold and eventually sell if new developments are coming up in the surrounding area. 

Hey Nicholas, C Class neighborhoods in Columbus are more geared towards Section 8 and long term renters.

You probably recoup the 5k in ARV, but Old North Milwaukee is an economically challenge neighborhood, so manage your expectations.Avoiding frequent turnover, tenants who don't pay, damage property or cause other issues is the name of the game to achive long term profitability.

We rented to them as they had cash from selling their home and paid us first, last, and security plus 3 months of rent extra.  

Also experienced GP’s don’t have the time to “train” someone who is not a long term solution.

If not, well you know the old saying, "the best time to get a lead paint certificate for your units was last year; the second best time is now".I've been told that the RI DOH may not start hitting people with fines for failure to register on October 1 as the law allows them to, due to the insufficient # of inspectors in the state to meet the demand.However, I've also been told that the other part of the law, the one that makes it so you cannot file for an eviction in RI without a current lead paint certificate, is expected to take effect sharply on October 1st.For anyone who hasn't submitted their properties/units to the new registry, I have a 15-page guide (with screenshots) that walks you through it.

Either can work in the long-term, but if I had to do it over again at 23, I would suggest a 2-4 unit that demonstrates the ability to cash flow assuming all units are rented.

Last question I have is that what should happen in a situation where tenant asks for upgrades that I cannot afford ?

@Bradley Hendrix, You can allocate the proceeds any way you want, as long as you purchase at least as much as you sell for, and use all of the proceeds in the 1031 exchange.You could sell the apartment and purchase Two SFHs with a 1031 exchange. purchase one for cash and the second with debt.