It's a team sport!

It's still going to be a risk/gamble, in state or not.

If I'm going to gamble, I go to Vegas.Zach Schwarzmiller on gross income of $76,896 on your 12 unit building, you're projection NOI of $51,983 or 67%.

Anything else you are gambling/hoping it will turn out OK and not be an issue.

But it’s really a solo sport unless you are bring in passive investors but that would trigger a syndication and ppm.

If your goal is simply to "gamble" on appreciation ... then hold it and deal with headaches of remote ownership/management. 

That being said, I won't gamble that property values will improve significantly within the next 5 years as the true improvements are taking place approximately 5-8 blocks southeast.I am going to check with the seller re: a second mortgage to see if thats an option.Seller purchased in 2014 for $100K in 2014 and prior to that, the property was sold in 2009 for $82K.  

You didn't really say what you are trying to accomplish (ie long term buy and hold, instant cash flow, gambling on appreciation) with your real estate investing.

Do you play any sports?

I can live with that but it is a gamble.