The obvious answers for location, lack of weather is AZ,NV. 

Never been through a downturn, operators ( myself included) often can't see what's right in front of them before the tide is obvious. c.

Unless there is an obvious error, you will likely be fighting an uphill battle.  

My goal is to find a vacant mfh but obviously if that isn’t possible then I would just not do renovations until the tenants lease is up.2.

Obviously piggybacking off of the expert advise of trusted Realtor in the area.

Obviously some property types and locations are doing better than others. 

I was more asking if there are aspects I am not considering or missing besides the obvious.   

It obviously turned out to be the wrong time for an investment of such a degree.

The other key to this property is it has city water and sewer at the lot lines which would obviously be cheaper than well and septic + has electrical just next door. 

The price to get in is obviously TOUGH, but if you have a pile of cash to play with, it's hard to argue with or beat the long term results of the cities with the best job markets and lifestyle (for those who can afford it) in the world.