I don't think there's enough potential up-side to take that kind of gamble.

@Howard L WeinstockAs you alluded to yourself, all this is a gamble on the future of SS system and on your own longevity.

It's a gamble in some ways, as I don't know if I'd be able to build what I want due to zoning.prop #2- crappy neighborhood. 1/4 acre, BUT-has a single family house, small garage, plus warehouse space that's ~2500 sq ft. zoned C. cheap. house is also a total rehab. closer to "move in ready", but honestly, the crime in the neighborhood is to the level that I don't think I'd bring my kid there now.

(not counting the renovation) I think it's tough to find a deal like this in Chicago on the North Side, where you can sleep peacefully at night and not worry about someone breaking in, or a drunk and disorderly, including being located in a  highly rated school district...I understand appreciation, and gambling on neighborhood gentrification isn't a primary concern of mine, this is a risk-free, safe return play.

Banking on appreciation is like gambling.  

Having 650k cash and not knowing anything about the market is a complete gamble, not an investment strategy.

That particular company is explosively corrupt and fraudulent, as you probably read.I don't have any recommendations for Michigan, but do suggest whatever market you are considering that you visit the market and meet with any provider you are considering. 

On a macro level, it's important that people can dispute fraudulent payments, because fraud happens, so it's not an inherently bad thing that banks support a payer's ability to dispute a claim.

The only gamble is if this tenant is a fluke and the space is in a location or a configuration that a replacement tenant would be difficult.

Yesterday it came out that they're now possibly proposing the site for a future casino, if the Georgia legislature approves 3 casino/gambling sites for Georgia at the next session.