Like mentioned above and specifically by @Jon Holdman there are lots of ways to loose your foreign funds in the US.Unfortunately, I see this on a somewhat regular basis.  

Choosing an out of state investment in a city (seemingly) at random is a good way to loose money.

If you have no experience be careful taking others money for your deals, if you loose their money your reputation will be severely tarnished, and you could damage relationships with family and friends who could have been long term investors.

Condos scare me.  1. you compete with apartments with big pocket 2. condos are first to loose value and last to gain (university locations may buck this trend) 3 limited buyer pool as opposed to sf because of shared walls, no yard, everything houses have but apartments dont 4 I like to decide when and by whom my maintenance is done (often me).   

@ Chris Bounds Thanks for responding I have the same mindset as you regarding friends, family & business. 

The Iron Bound section will be lower than other areas because it has more appeal. 

Lastly, depending upon the reason the tenant in leaving I may even just cut them loose.

And returning her deposit at this point would be cheaperAlways best to gauge if you are really going to loose money.

The combined rent was about $1k or more and it looked sooo sexy...Then, after several months I came to realize [the hard way] that they were a maintenance nightmare [because they are all about 75 years old] and I had high vacancy and/or non paying tenants in addition to the vandals taking their fair share of copper and other materials.I ended up learning [and loosing] a lot during this process.  

@Chris Bounds you sound like a guy who is committed to this, you're sharp, your plan sounds good, you have a great vendor partner there... go kick some A**!